https://www.taxtmi.com/caselaws?id=343354 The Tribunal quashed the reassessment order for AY 2006-07, ruling in favor of the assessee due to lack of jurisdiction for reopening the assessment under section 147 of the Income Tax Act. The carry forward of unabsorbed depreciation from AY 1998-99 was allowed based on a judgment of the High Court. The recalculated book profits by adding bad debt reserve were deemed incorrect, and the reassessment order for AY 2006-07 was set aside. The appeals of the Revenue for AYs 2006-07, 2007-08, and 2008-09 were dismissed. en-us Mon, 23 Jan 2017 00:00:00 +0530 Wed, 24 May 2017 07:03:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343354 The Tribunal quashed the reassessment order for AY 2006-07, ruling in favor of the assessee due to lack of jurisdiction for reopening the assessment under section 147 of the Income Tax Act. The carry forward of unabsorbed depreciation from AY 1998-99 was allowed based on a judgment of the High Court. The recalculated book profits by adding bad debt reserve were deemed incorrect, and the reassessment order for AY 2006-07 was set aside. The appeals of the Revenue for AYs 2006-07, 2007-08, and 2008-09 were dismissed. Case-Laws Income Tax Mon, 23 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343354