https://www.taxtmi.com/caselaws?id=216747 The High Court held that the reassessment for the assessment year 1994-95 was invalid due to lack of notice under Section 143(2). The claim for depreciation under Section 32 for a property exchanged due to surrender of tenancy rights was allowed, as the consideration was directed towards the purchase of a new property. However, the expenditure on renting a guest house was disallowed based on previous court decisions. The Court ruled in favor of the assessee for the depreciation claim but against them for the guest house expenditure. The case was disposed of without costs. en-us Mon, 03 Sep 2012 00:00:00 +0530 Thu, 20 Sep 2012 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216747 The High Court held that the reassessment for the assessment year 1994-95 was invalid due to lack of notice under Section 143(2). The claim for depreciation under Section 32 for a property exchanged due to surrender of tenancy rights was allowed, as the consideration was directed towards the purchase of a new property. However, the expenditure on renting a guest house was disallowed based on previous court decisions. The Court ruled in favor of the assessee for the depreciation claim but against them for the guest house expenditure. The case was disposed of without costs. Case-Laws Income Tax Mon, 03 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216747