https://www.taxtmi.com/caselaws?id=11230 The court upheld the validity of reopening the assessment under section 147 of the Income Tax Act, 1961. The appellant's claim for investment allowance on machineries sold within eight years from installation was denied. The court emphasized the duty of the assessee to disclose asset transfers before the expiry of eight years from installation, as per section 32A. The court disagreed with the appellant's interpretation based on a Bombay High Court decision and found no substantial error of law in the Tribunal's decision, dismissing the appeals. en-us Fri, 19 Jul 2002 00:00:00 +0530 Sun, 02 Aug 2009 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11230 The court upheld the validity of reopening the assessment under section 147 of the Income Tax Act, 1961. The appellant's claim for investment allowance on machineries sold within eight years from installation was denied. The court emphasized the duty of the assessee to disclose asset transfers before the expiry of eight years from installation, as per section 32A. The court disagreed with the appellant's interpretation based on a Bombay High Court decision and found no substantial error of law in the Tribunal's decision, dismissing the appeals. Case-Laws Income Tax Fri, 19 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11230