https://www.taxtmi.com/caselaws?id=186722 The Tribunal upheld the validity of the assessment completed under section 143(3) instead of section 153A for the assessment year 2007-08, dismissing the challenge by the assessee. Regarding the claim of depreciation as a cash in-flow, the Tribunal directed the Assessing Officer to allow credit for 40% of the depreciation claimed in the cash-flow statements. The issue of interest levied under sections 234A, 234B, and 234C was to be re-assessed based on the revised total income calculation. All appeals were partly allowed, with directions for re-computation of income and interest accordingly. en-us Thu, 29 Aug 2013 00:00:00 +0530 Wed, 28 Sep 2016 15:27:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186722 The Tribunal upheld the validity of the assessment completed under section 143(3) instead of section 153A for the assessment year 2007-08, dismissing the challenge by the assessee. Regarding the claim of depreciation as a cash in-flow, the Tribunal directed the Assessing Officer to allow credit for 40% of the depreciation claimed in the cash-flow statements. The issue of interest levied under sections 234A, 234B, and 234C was to be re-assessed based on the revised total income calculation. All appeals were partly allowed, with directions for re-computation of income and interest accordingly. Case-Laws Income Tax Thu, 29 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186722