https://www.taxtmi.com/caselaws?id=270337 The Tribunal upheld the CIT(A)'s decision to grant depreciation relief to the assessee for assets sold and leased back. It also deleted the disallowance of business loss on the sale of investments and quashed the reassessment under Section 148, rendering all additions unsustainable. The penalty under Section 271(1)(c) was deleted as the main disallowance did not survive. The Tribunal dismissed the Revenue's appeals and allowed the assessee's appeals, leading to a favorable outcome for the assessee for assessment years 1996-97 and 1997-98. en-us Mon, 30 Nov 2015 00:00:00 +0530 Mon, 04 Jan 2016 12:59:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270337 The Tribunal upheld the CIT(A)'s decision to grant depreciation relief to the assessee for assets sold and leased back. It also deleted the disallowance of business loss on the sale of investments and quashed the reassessment under Section 148, rendering all additions unsustainable. The penalty under Section 271(1)(c) was deleted as the main disallowance did not survive. The Tribunal dismissed the Revenue's appeals and allowed the assessee's appeals, leading to a favorable outcome for the assessee for assessment years 1996-97 and 1997-98. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270337