https://www.taxtmi.com/caselaws?id=118819 The Tribunal upheld the validity of reopening the assessment under section 147 due to new information indicating income had escaped assessment. However, the disallowance of depreciation on MS Rolls leased to BSAL was deemed unjustified. The appellant was granted the right to claim depreciation on the leased assets as they were identifiable and genuine transactions, with financial aspects supporting operational leasing. en-us Fri, 16 Sep 2005 00:00:00 +0530 Fri, 06 Jul 2012 10:34:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118819 The Tribunal upheld the validity of reopening the assessment under section 147 due to new information indicating income had escaped assessment. However, the disallowance of depreciation on MS Rolls leased to BSAL was deemed unjustified. The appellant was granted the right to claim depreciation on the leased assets as they were identifiable and genuine transactions, with financial aspects supporting operational leasing. Case-Laws Income Tax Fri, 16 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118819