https://www.taxtmi.com/caselaws?id=375010 The appeal was filed by the revenue challenging the quashing of proceedings under section 147 of the Income Tax Act, 1961. The Assessing Officer lacked tangible material to support the claim of excessive deduction by the assessee, leading to the dismissal of the appeal on the issue of reopening. Regarding the disallowance of depreciation, the ld CIT(A) ruled in favor of the assessee, emphasizing that the depreciation was correctly claimed only on the assessee's share of assets. Consequently, the disallowance of depreciation was deleted, and the appeal of the revenue was dismissed. en-us Thu, 07 Feb 2019 00:00:00 +0530 Wed, 13 Feb 2019 06:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375010 The appeal was filed by the revenue challenging the quashing of proceedings under section 147 of the Income Tax Act, 1961. The Assessing Officer lacked tangible material to support the claim of excessive deduction by the assessee, leading to the dismissal of the appeal on the issue of reopening. Regarding the disallowance of depreciation, the ld CIT(A) ruled in favor of the assessee, emphasizing that the depreciation was correctly claimed only on the assessee's share of assets. Consequently, the disallowance of depreciation was deleted, and the appeal of the revenue was dismissed. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375010