https://www.taxtmi.com/caselaws?id=181660 The Tribunal dismissed the appeal and upheld its decision to annul the reassessment order under section 147 of the Income Tax Act. It emphasized the necessity of valid reasons for initiating reassessment proceedings, stating that without proper grounds for believing income had escaped taxation, reassessments would be deemed invalid. The Tribunal found that the assessee had filed a revised return within the allowed time, rendering the excess depreciation claim as the only item escaping assessment, which was not sufficient to warrant reassessment. en-us Mon, 09 Jun 2008 00:00:00 +0530 Thu, 21 Apr 2016 13:05:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181660 The Tribunal dismissed the appeal and upheld its decision to annul the reassessment order under section 147 of the Income Tax Act. It emphasized the necessity of valid reasons for initiating reassessment proceedings, stating that without proper grounds for believing income had escaped taxation, reassessments would be deemed invalid. The Tribunal found that the assessee had filed a revised return within the allowed time, rendering the excess depreciation claim as the only item escaping assessment, which was not sufficient to warrant reassessment. Case-Laws Income Tax Mon, 09 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181660