https://www.taxtmi.com/caselaws?id=267778 The Tribunal upheld the validity of the assessment reopening under section 147, stating that the Assessing Officer had sufficient "reason to believe" that income had escaped assessment, thus justifying the reopening. Regarding the set off of unabsorbed depreciation against income assessed under section 69, the Tribunal affirmed the disallowance, citing that unabsorbed depreciation cannot be set off against income from other sources as per section 72 of the Act. The appeal of the assessee was dismissed, and the order was issued on 30th September 2015 in Chennai. en-us Wed, 30 Sep 2015 00:00:00 +0530 Sat, 14 Nov 2015 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267778 The Tribunal upheld the validity of the assessment reopening under section 147, stating that the Assessing Officer had sufficient "reason to believe" that income had escaped assessment, thus justifying the reopening. Regarding the set off of unabsorbed depreciation against income assessed under section 69, the Tribunal affirmed the disallowance, citing that unabsorbed depreciation cannot be set off against income from other sources as per section 72 of the Act. The appeal of the assessee was dismissed, and the order was issued on 30th September 2015 in Chennai. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267778