https://www.taxtmi.com/caselaws?id=343311 The Tribunal invalidated reassessment proceedings under Section 147 of the Income Tax Act, ruling that the Assessing Officer lacked fresh tangible material for reopening the assessment. Citing precedents, the Tribunal emphasized the necessity of tangible material for valid reassessment and quashed the reassessment order. Additionally, the Tribunal upheld the CIT(A)'s decision to allow deduction under Section 10A without setting off brought forward unabsorbed depreciation and business loss, treating it as an exemption provision. The revenue's appeal was dismissed, and the reassessment order was quashed, with the order pronounced on 19.05.2017. en-us Fri, 19 May 2017 00:00:00 +0530 Tue, 23 May 2017 07:52:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343311 The Tribunal invalidated reassessment proceedings under Section 147 of the Income Tax Act, ruling that the Assessing Officer lacked fresh tangible material for reopening the assessment. Citing precedents, the Tribunal emphasized the necessity of tangible material for valid reassessment and quashed the reassessment order. Additionally, the Tribunal upheld the CIT(A)'s decision to allow deduction under Section 10A without setting off brought forward unabsorbed depreciation and business loss, treating it as an exemption provision. The revenue's appeal was dismissed, and the reassessment order was quashed, with the order pronounced on 19.05.2017. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343311