https://www.taxtmi.com/caselaws?id=335474 The court declared that the reassessment proceedings under Section 147/148 of the Income Tax Act were without jurisdiction. Additionally, the Gotanagar Truck Terminus was classified as a "plant" for depreciation purposes, entitling the assessee to a higher depreciation rate of 25%. Consequently, the reassessment proceedings and previous orders were quashed, and the appeals were allowed with parties directed to bear their own costs. en-us Tue, 22 Nov 2016 00:00:00 +0530 Fri, 02 Dec 2016 21:47:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335474 The court declared that the reassessment proceedings under Section 147/148 of the Income Tax Act were without jurisdiction. Additionally, the Gotanagar Truck Terminus was classified as a "plant" for depreciation purposes, entitling the assessee to a higher depreciation rate of 25%. Consequently, the reassessment proceedings and previous orders were quashed, and the appeals were allowed with parties directed to bear their own costs. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335474