https://www.taxtmi.com/caselaws?id=338793 The court found that the Assessing Officer's reasons for reopening the assessment under Section 148 of the Income-tax Act lacked the necessary material or nexus to support a reasonable belief of income escapement, thus declaring the action without jurisdiction. Additionally, the court determined that the "Gotanagar Truck Terminus" should be classified as a plant rather than a building for depreciation purposes, allowing the assessee to claim a higher depreciation rate of 25%. Consequently, the reassessment proceedings were quashed, and the appeals were allowed in favor of the assessee. en-us Thu, 24 Nov 2016 00:00:00 +0530 Sat, 11 Feb 2017 10:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338793 The court found that the Assessing Officer's reasons for reopening the assessment under Section 148 of the Income-tax Act lacked the necessary material or nexus to support a reasonable belief of income escapement, thus declaring the action without jurisdiction. Additionally, the court determined that the "Gotanagar Truck Terminus" should be classified as a plant rather than a building for depreciation purposes, allowing the assessee to claim a higher depreciation rate of 25%. Consequently, the reassessment proceedings were quashed, and the appeals were allowed in favor of the assessee. Case-Laws Income Tax Thu, 24 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338793