https://www.taxtmi.com/caselaws?id=247727 The Tribunal dismissed the Revenue's appeal and partly allowed the Assessee's appeal in a case involving assessment under section 144 of the Income Tax Act, 1961. The Tribunal upheld the deletion of the amount added towards unexplained share capital, finding the source of cash credits genuine. It also directed the Assessing Officer to allow depreciation as claimed by the Assessee, criticizing the restriction imposed without proper examination of evidence. The Tribunal deemed the notice for reopening assessment as defective but not invalid, ultimately rejecting the Assessee's challenge on this issue. en-us Fri, 09 May 2014 00:00:00 +0530 Wed, 21 May 2014 11:16:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247727 The Tribunal dismissed the Revenue's appeal and partly allowed the Assessee's appeal in a case involving assessment under section 144 of the Income Tax Act, 1961. The Tribunal upheld the deletion of the amount added towards unexplained share capital, finding the source of cash credits genuine. It also directed the Assessing Officer to allow depreciation as claimed by the Assessee, criticizing the restriction imposed without proper examination of evidence. The Tribunal deemed the notice for reopening assessment as defective but not invalid, ultimately rejecting the Assessee's challenge on this issue. Case-Laws Income Tax Fri, 09 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247727