https://www.taxtmi.com/caselaws?id=263761 The ITAT upheld the reopening of the assessment under section 147/148 based on received information, allowing the AO to proceed without the need for incriminatory evidence. The claim of depreciation on Air Pollution Control Equipment leased to Prakash Industries Ltd. was allowed after the assessee provided evidence of the transaction's genuineness, leading to the ITAT directing the AO to permit the depreciation claim. The appeal was partly allowed in favor of the assessee. en-us Wed, 04 Mar 2015 00:00:00 +0530 Thu, 10 Sep 2015 08:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263761 The ITAT upheld the reopening of the assessment under section 147/148 based on received information, allowing the AO to proceed without the need for incriminatory evidence. The claim of depreciation on Air Pollution Control Equipment leased to Prakash Industries Ltd. was allowed after the assessee provided evidence of the transaction's genuineness, leading to the ITAT directing the AO to permit the depreciation claim. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Wed, 04 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263761