https://www.taxtmi.com/caselaws?id=202967 The Tribunal upheld the reopening of assessments under sections 143(3) and 147 of the Income Tax Act, citing the formation of a reasonable belief. However, the Tribunal ruled in favor of the assessees regarding the denial of depreciation at 80% on windmills, holding that the assessees validly exercised their option before the due date of filing the return. Consequently, the appeals were allowed, granting the assessees the benefit of 80% depreciation on windmills as per the applicable provisions. en-us Fri, 20 Nov 2009 00:00:00 +0530 Fri, 31 May 2013 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202967 The Tribunal upheld the reopening of assessments under sections 143(3) and 147 of the Income Tax Act, citing the formation of a reasonable belief. However, the Tribunal ruled in favor of the assessees regarding the denial of depreciation at 80% on windmills, holding that the assessees validly exercised their option before the due date of filing the return. Consequently, the appeals were allowed, granting the assessees the benefit of 80% depreciation on windmills as per the applicable provisions. Case-Laws Income Tax Fri, 20 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202967