https://www.taxtmi.com/caselaws?id=256489 The Tribunal dismissed the challenge to jurisdiction under section 148, upheld the validity of the notice issued under section 143(2) within the specified period, disallowed depreciation claims on leased assets found to be non-existent, directed adjustment of tax liability based on reduced lease rental income, and affirmed the higher depreciation rate on leased trucks due to increased wear and tear associated with leasing activities. The Tribunal partly allowed the assessee's appeals, rejected the Revenue's appeals on depreciation rate, and provided comprehensive legal analysis for each issue addressed in the judgment. en-us Fri, 22 Aug 2014 00:00:00 +0530 Tue, 24 Feb 2015 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256489 The Tribunal dismissed the challenge to jurisdiction under section 148, upheld the validity of the notice issued under section 143(2) within the specified period, disallowed depreciation claims on leased assets found to be non-existent, directed adjustment of tax liability based on reduced lease rental income, and affirmed the higher depreciation rate on leased trucks due to increased wear and tear associated with leasing activities. The Tribunal partly allowed the assessee's appeals, rejected the Revenue's appeals on depreciation rate, and provided comprehensive legal analysis for each issue addressed in the judgment. Case-Laws Income Tax Fri, 22 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256489