https://www.taxtmi.com/caselaws?id=247109 The Tribunal upheld the annulment of the reassessment of assessment year 2004-05 under section 147 of the IT Act, citing that the initiation of proceedings after more than four years without new facts was unjustified. The reassessment based on the taxability of capital gain on depreciable assets was deemed unwarranted, as it relied on previously considered facts. Despite the department's argument of compliance with CBDT instructions, the Tribunal found the action unjustified due to the time limit breach and lack of new facts, resulting in the dismissal of the department's appeal. en-us Fri, 28 Feb 2014 00:00:00 +0530 Fri, 02 May 2014 06:28:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247109 The Tribunal upheld the annulment of the reassessment of assessment year 2004-05 under section 147 of the IT Act, citing that the initiation of proceedings after more than four years without new facts was unjustified. The reassessment based on the taxability of capital gain on depreciable assets was deemed unwarranted, as it relied on previously considered facts. Despite the department's argument of compliance with CBDT instructions, the Tribunal found the action unjustified due to the time limit breach and lack of new facts, resulting in the dismissal of the department's appeal. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247109