https://www.taxtmi.com/caselaws?id=123063 The Tribunal upheld the validity of reassessment proceedings under section 147 of the Income-tax Act, finding that the Assessing Officer had a valid reason to believe that income had escaped assessment due to excess depreciation claimed. Additionally, the Tribunal confirmed that expenditure incurred on the sale of depreciable assets should be deducted from the gross consideration received to determine the net consideration for depreciation purposes. As a result, both the Department's appeal and the assessee's cross-objection were dismissed. en-us Fri, 14 Aug 2009 00:00:00 +0530 Sat, 01 Sep 2012 11:25:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123063 The Tribunal upheld the validity of reassessment proceedings under section 147 of the Income-tax Act, finding that the Assessing Officer had a valid reason to believe that income had escaped assessment due to excess depreciation claimed. Additionally, the Tribunal confirmed that expenditure incurred on the sale of depreciable assets should be deducted from the gross consideration received to determine the net consideration for depreciation purposes. As a result, both the Department's appeal and the assessee's cross-objection were dismissed. Case-Laws Income Tax Fri, 14 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123063