https://www.taxtmi.com/caselaws?id=12759 Petitioner's claim of 50% depreciation (admissible 40%) justified initiation of proceedings under s.147; petitioner could not make a fresh depreciation claim during those proceedings. However, HC held the AO's July 30, 1998 letter and the Deputy Commissioner's directions insofar as they directed inquiries into matters unconnected with the depreciation issue were unsustainable and vacated. HC allowed the writ, directing the AO to proceed under s.147 lawfully limited to escaped assessment from available material; the AO may tax other omitted income only if material arises (no fishing expeditions). en-us Wed, 05 Jul 2000 00:00:00 +0530 Tue, 07 Oct 2025 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12759 Petitioner's claim of 50% depreciation (admissible 40%) justified initiation of proceedings under s.147; petitioner could not make a fresh depreciation claim during those proceedings. However, HC held the AO's July 30, 1998 letter and the Deputy Commissioner's directions insofar as they directed inquiries into matters unconnected with the depreciation issue were unsustainable and vacated. HC allowed the writ, directing the AO to proceed under s.147 lawfully limited to escaped assessment from available material; the AO may tax other omitted income only if material arises (no fishing expeditions). Case-Laws Income Tax Wed, 05 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12759