https://www.taxtmi.com/caselaws?id=152289 The High Court upheld the Tribunal's decision that the reopening of proceedings under sections 147/148 of the Income-tax Act was justified due to new evidence revealing non-genuine transactions. The disallowance of depreciation claims and consultancy charges was affirmed, with findings that the transactions were sham. The issue of utilizing funds from IDBI deposits for equipment purchase was remanded for fresh assessment. The Court emphasized the lack of full disclosure by the assessee and the reassessment being based on substantial new evidence, leading to the dismissal of appeals and upholding of the Tribunal's decision. en-us Wed, 01 Dec 2010 00:00:00 +0530 Fri, 19 Sep 2014 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152289 The High Court upheld the Tribunal's decision that the reopening of proceedings under sections 147/148 of the Income-tax Act was justified due to new evidence revealing non-genuine transactions. The disallowance of depreciation claims and consultancy charges was affirmed, with findings that the transactions were sham. The issue of utilizing funds from IDBI deposits for equipment purchase was remanded for fresh assessment. The Court emphasized the lack of full disclosure by the assessee and the reassessment being based on substantial new evidence, leading to the dismissal of appeals and upholding of the Tribunal's decision. Case-Laws Income Tax Wed, 01 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152289