https://www.taxtmi.com/caselaws?id=68990 The Tribunal upheld the validity of reassessment proceedings initiated under section 147(b) despite the original basis ceasing to exist before the final order, ruling that it did not vitiate the proceedings. Regarding entitlement to investment allowance under section 32A and initial depreciation under section 32(1)(iv), the Tribunal found in favor of the company, holding that machinery leased out for industrial use qualified for the allowances as it was wholly used for the leasing business, clarifying that the machinery need not be fixed in position. Vice President M.R. Sikka dissented on the validity of reassessment but agreed on the entitlement to investment allowance. en-us Wed, 08 May 1985 00:00:00 +0530 Mon, 04 Apr 2011 13:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68990 The Tribunal upheld the validity of reassessment proceedings initiated under section 147(b) despite the original basis ceasing to exist before the final order, ruling that it did not vitiate the proceedings. Regarding entitlement to investment allowance under section 32A and initial depreciation under section 32(1)(iv), the Tribunal found in favor of the company, holding that machinery leased out for industrial use qualified for the allowances as it was wholly used for the leasing business, clarifying that the machinery need not be fixed in position. Vice President M.R. Sikka dissented on the validity of reassessment but agreed on the entitlement to investment allowance. Case-Laws Income Tax Wed, 08 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68990