https://www.taxtmi.com/caselaws?id=190695 The Tribunal ruled in favor of the appellant, declaring the reopening of the assessment under Section 147 of the Income Tax Act invalid as it lacked fresh tangible material, following the precedent set by the Supreme Court. Additionally, the Tribunal allowed the set-off of unabsorbed depreciation for the assessment years 1997-98 and 1998-99, based on the amendment allowing indefinite carry forward supported by the Gujarat High Court's decision. The judgment highlighted the significance of legal precedents and the necessity of new material for reopening assessments. en-us Wed, 05 Mar 2014 00:00:00 +0530 Thu, 23 Feb 2017 10:18:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190695 The Tribunal ruled in favor of the appellant, declaring the reopening of the assessment under Section 147 of the Income Tax Act invalid as it lacked fresh tangible material, following the precedent set by the Supreme Court. Additionally, the Tribunal allowed the set-off of unabsorbed depreciation for the assessment years 1997-98 and 1998-99, based on the amendment allowing indefinite carry forward supported by the Gujarat High Court's decision. The judgment highlighted the significance of legal precedents and the necessity of new material for reopening assessments. Case-Laws Income Tax Wed, 05 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190695