https://www.taxtmi.com/caselaws?id=213428 The High Court dismissed the Revenue's appeals, affirming the Tribunal's decisions. It held that the reassessment for the year 1995-96 was invalid as it lacked tangible material. The assessee was deemed entitled to depreciation, with genuine hire purchase and lease transactions. The valuation of assets for depreciation was upheld as reasonable. The Court emphasized the requirement for substantial evidence to support Revenue's claims and validated the original assessment's thorough consideration of relevant documents. en-us Tue, 17 Apr 2012 00:00:00 +0530 Mon, 12 Dec 2022 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213428 The High Court dismissed the Revenue's appeals, affirming the Tribunal's decisions. It held that the reassessment for the year 1995-96 was invalid as it lacked tangible material. The assessee was deemed entitled to depreciation, with genuine hire purchase and lease transactions. The valuation of assets for depreciation was upheld as reasonable. The Court emphasized the requirement for substantial evidence to support Revenue's claims and validated the original assessment's thorough consideration of relevant documents. Case-Laws Income Tax Tue, 17 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213428