https://www.taxtmi.com/caselaws?id=338987 The Tribunal held that the reopening of the assessment under section 148 was not justified as the assessee had not concealed any income particulars. It allowed the set-off of unabsorbed depreciation against the profits of the assessee company, relying on the amendment to section 32(2) of the Income Tax Act. The Tribunal directed the deletion of the penalty imposed under section 271(1)(c) as the quantum addition forming the basis for the penalty had been deleted. Both appeals by the assessee were allowed, and the penalty was ordered to be deleted. en-us Tue, 31 Jan 2017 00:00:00 +0530 Thu, 16 Feb 2017 08:48:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338987 The Tribunal held that the reopening of the assessment under section 148 was not justified as the assessee had not concealed any income particulars. It allowed the set-off of unabsorbed depreciation against the profits of the assessee company, relying on the amendment to section 32(2) of the Income Tax Act. The Tribunal directed the deletion of the penalty imposed under section 271(1)(c) as the quantum addition forming the basis for the penalty had been deleted. Both appeals by the assessee were allowed, and the penalty was ordered to be deleted. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338987