https://www.taxtmi.com/caselaws?id=69829 The Tribunal ruled in favor of the assessee, canceling the reopening of assessment under section 147(b) of the IT Act for the assessment year 1976-77. It emphasized the necessity of a valid reason to believe income had escaped assessment. The Tribunal also upheld that subsidies should not reduce the cost for depreciation and development rebate calculations. The reassessment was canceled, leaving the issue of Sec. 80J computation undecided. The Tribunal's decision aligned with previous rulings and legal interpretations, dismissing the departmental appeal and affirming the assessee's appeal. en-us Fri, 08 Jul 1983 00:00:00 +0530 Tue, 12 Apr 2011 12:40:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69829 The Tribunal ruled in favor of the assessee, canceling the reopening of assessment under section 147(b) of the IT Act for the assessment year 1976-77. It emphasized the necessity of a valid reason to believe income had escaped assessment. The Tribunal also upheld that subsidies should not reduce the cost for depreciation and development rebate calculations. The reassessment was canceled, leaving the issue of Sec. 80J computation undecided. The Tribunal's decision aligned with previous rulings and legal interpretations, dismissing the departmental appeal and affirming the assessee's appeal. Case-Laws Income Tax Fri, 08 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69829