https://www.taxtmi.com/caselaws?id=10409 HC held reassessment notices under section 148 for the two relevant assessment years were time-barred by the four-year proviso to section 147 and thus invalid. The court upheld deletion of additions for overdue charges, accepting that recognition of such income on a cash basis was allowable where recovery was uncertain. It confirmed that leasing out commercial vehicles constitutes use in the assessee's business, entitling them to the higher depreciation rate under the rules. Appeals were disposed accordingly. en-us Tue, 05 Oct 2004 00:00:00 +0530 Tue, 23 Sep 2025 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10409 HC held reassessment notices under section 148 for the two relevant assessment years were time-barred by the four-year proviso to section 147 and thus invalid. The court upheld deletion of additions for overdue charges, accepting that recognition of such income on a cash basis was allowable where recovery was uncertain. It confirmed that leasing out commercial vehicles constitutes use in the assessee's business, entitling them to the higher depreciation rate under the rules. Appeals were disposed accordingly. Case-Laws Income Tax Tue, 05 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10409