https://www.taxtmi.com/caselaws?id=186504 The Tribunal allowed the appeal of the assessee, finding that the Assessing Officer's assumption of jurisdiction under Section 147/148 was unfounded. The reassessment, based on an audit objection regarding depreciation on gas cylinders, was deemed unjustified as material facts were available to the AO. The Tribunal upheld the assessee's claim for 100% depreciation on gas cylinders, rejecting the AO's reduction to 25%. The reassessment was considered speculative, and the AO's actions were deemed without proper basis. en-us Wed, 08 Apr 2009 00:00:00 +0530 Wed, 21 Sep 2016 10:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186504 The Tribunal allowed the appeal of the assessee, finding that the Assessing Officer's assumption of jurisdiction under Section 147/148 was unfounded. The reassessment, based on an audit objection regarding depreciation on gas cylinders, was deemed unjustified as material facts were available to the AO. The Tribunal upheld the assessee's claim for 100% depreciation on gas cylinders, rejecting the AO's reduction to 25%. The reassessment was considered speculative, and the AO's actions were deemed without proper basis. Case-Laws Income Tax Wed, 08 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186504