https://www.taxtmi.com/caselaws?id=68321 The Tribunal partially allowed the appeals, ruling that the reopening of assessments under sections 147/148 was illegal due to reliance on another AO's opinion without new evidence. The appellant company was entitled to claim depreciation on leased assets under section 32, confirming ownership and business usage. Other issues, including lease rents, Chapter VIA deductions, and interest under sections 234B, 234C, and 244A, were deemed unnecessary to adjudicate separately due to the resolution of primary matters. en-us Mon, 22 Dec 2003 00:00:00 +0530 Fri, 28 Jun 2024 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68321 The Tribunal partially allowed the appeals, ruling that the reopening of assessments under sections 147/148 was illegal due to reliance on another AO's opinion without new evidence. The appellant company was entitled to claim depreciation on leased assets under section 32, confirming ownership and business usage. Other issues, including lease rents, Chapter VIA deductions, and interest under sections 234B, 234C, and 244A, were deemed unnecessary to adjudicate separately due to the resolution of primary matters. Case-Laws Income Tax Mon, 22 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68321