https://www.taxtmi.com/caselaws?id=328788 The Tribunal allowed the assessee's appeal primarily due to the invalidity of the reassessment order, emphasizing the necessity of independent satisfaction by the Assessing Officer. The Tribunal upheld the classification of income as business income partially, allowing depreciation relief based on set off principles. Regarding the set off against brought forward losses, the Tribunal upheld the decision to allow only a portion to be set off as business income. The Tribunal also upheld the disallowance of prior period expenditure, concluding in favor of the assessee on major issues while affirming the decision on disallowance. en-us Mon, 30 May 2016 00:00:00 +0530 Tue, 14 Jun 2016 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328788 The Tribunal allowed the assessee's appeal primarily due to the invalidity of the reassessment order, emphasizing the necessity of independent satisfaction by the Assessing Officer. The Tribunal upheld the classification of income as business income partially, allowing depreciation relief based on set off principles. Regarding the set off against brought forward losses, the Tribunal upheld the decision to allow only a portion to be set off as business income. The Tribunal also upheld the disallowance of prior period expenditure, concluding in favor of the assessee on major issues while affirming the decision on disallowance. Case-Laws Income Tax Mon, 30 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328788