https://www.taxtmi.com/caselaws?id=23759 The court upheld the validity of reopening the assessment under section 147 of the Income-tax Act, 1961, allowing the Income-tax Officer to set off unabsorbed depreciation in reassessment despite the original assessment's finality. It was determined that reassessment proceedings should focus on taxing the entire income, not just the escaped income, affirming the ITO's authority to reassess comprehensively. The court ruled in favor of the Revenue, concluding that the reassessment was valid, and the ITO could recompute the income and deny the income-tax rebate initially granted. en-us Fri, 22 Sep 1989 00:00:00 +0530 Fri, 25 Dec 2009 17:42:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23759 The court upheld the validity of reopening the assessment under section 147 of the Income-tax Act, 1961, allowing the Income-tax Officer to set off unabsorbed depreciation in reassessment despite the original assessment's finality. It was determined that reassessment proceedings should focus on taxing the entire income, not just the escaped income, affirming the ITO's authority to reassess comprehensively. The court ruled in favor of the Revenue, concluding that the reassessment was valid, and the ITO could recompute the income and deny the income-tax rebate initially granted. Case-Laws Income Tax Fri, 22 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23759