https://www.taxtmi.com/caselaws?id=261275 The Tribunal upheld the validity of reassessment proceedings under Section 147, citing discrepancies in depreciation figures and decapitalization of interest. The reassessment was deemed a correction of oversight by the Assessing Officer, not a change of opinion. The Tribunal justified the reassessment under Sections 143(3) and 147 due to the AO's failure to consider revised Tax Audit Reports initially. The addition of depreciation under normal provisions was confirmed as the revised TAR reflected correct figures. The matter of adjusting book profit under Section 115JB was remanded to the AO for further examination. The appeal was partly allowed, and the order was pronounced on 22/06/2015. en-us Mon, 22 Jun 2015 00:00:00 +0530 Wed, 08 Jul 2015 06:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261275 The Tribunal upheld the validity of reassessment proceedings under Section 147, citing discrepancies in depreciation figures and decapitalization of interest. The reassessment was deemed a correction of oversight by the Assessing Officer, not a change of opinion. The Tribunal justified the reassessment under Sections 143(3) and 147 due to the AO's failure to consider revised Tax Audit Reports initially. The addition of depreciation under normal provisions was confirmed as the revised TAR reflected correct figures. The matter of adjusting book profit under Section 115JB was remanded to the AO for further examination. The appeal was partly allowed, and the order was pronounced on 22/06/2015. Case-Laws Income Tax Mon, 22 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261275