https://www.taxtmi.com/caselaws?id=342899 The court quashed the reassessment notice and related proceedings, ruling in favor of the petitioner. It held that the reassessment was invalid as the carry forward of depreciation was not restricted by the pre-amendment Section 32(2) of the Income-tax Act, which was no longer in force post-April 1, 2002. The court found that the Revenue lacked sufficient grounds for reopening the assessment, citing that the previous limitation on carrying forward depreciation beyond eight years was removed by the amendment. en-us Wed, 18 Jan 2017 00:00:00 +0530 Mon, 15 May 2017 05:44:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342899 The court quashed the reassessment notice and related proceedings, ruling in favor of the petitioner. It held that the reassessment was invalid as the carry forward of depreciation was not restricted by the pre-amendment Section 32(2) of the Income-tax Act, which was no longer in force post-April 1, 2002. The court found that the Revenue lacked sufficient grounds for reopening the assessment, citing that the previous limitation on carrying forward depreciation beyond eight years was removed by the amendment. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342899