https://www.taxtmi.com/caselaws?id=254495 The Tribunal upheld the validity of reassessment proceedings under Section 147, allowing the AO to reopen the assessment due to income escaping taxation. ESOP expenses were disallowed as they were already addressed in the original assessment. The re-computation of relief under Section 10B was upheld, denying the deduction claimed under Section 35(2AB). The carry forward of unabsorbed depreciation was denied, emphasizing the exclusion of 10B unit profits from losses. Deduction under Section 35(2AB) for idle assets was allowed, following precedents that assets' use is not a prerequisite for the deduction. The Tribunal partially allowed the assessee's appeals and dismissed the revenue's appeal, directing actions on ESOP expenses, relief under Section 10B, idle assets deduction, and depreciation on energy-saving devices. en-us Wed, 30 Apr 2014 00:00:00 +0530 Wed, 26 Jul 2017 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254495 The Tribunal upheld the validity of reassessment proceedings under Section 147, allowing the AO to reopen the assessment due to income escaping taxation. ESOP expenses were disallowed as they were already addressed in the original assessment. The re-computation of relief under Section 10B was upheld, denying the deduction claimed under Section 35(2AB). The carry forward of unabsorbed depreciation was denied, emphasizing the exclusion of 10B unit profits from losses. Deduction under Section 35(2AB) for idle assets was allowed, following precedents that assets' use is not a prerequisite for the deduction. The Tribunal partially allowed the assessee's appeals and dismissed the revenue's appeal, directing actions on ESOP expenses, relief under Section 10B, idle assets deduction, and depreciation on energy-saving devices. Case-Laws Income Tax Wed, 30 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254495