https://www.taxtmi.com/caselaws?id=409224 The Court upheld the validity of re-assessment proceedings under Section 147 of the Income Tax Act for the Assessment Year 2008-09, finding that the re-opening of assessment was in accordance with the law. ATMs were classified as 'computers' for claiming depreciation at the rate of 60%, based on a previous division bench decision. The Court did not delve deeply into the reliance on the Karnataka Sales Tax Act for ATM classification, as it was resolved in favor of the assessee. Depreciation on assets was disallowed for assets lacking proper invoice documentation. The tribunal's order was quashed in part, and the appeal was disposed of accordingly. en-us Tue, 15 Jun 2021 00:00:00 +0530 Fri, 02 Jul 2021 08:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409224 The Court upheld the validity of re-assessment proceedings under Section 147 of the Income Tax Act for the Assessment Year 2008-09, finding that the re-opening of assessment was in accordance with the law. ATMs were classified as 'computers' for claiming depreciation at the rate of 60%, based on a previous division bench decision. The Court did not delve deeply into the reliance on the Karnataka Sales Tax Act for ATM classification, as it was resolved in favor of the assessee. Depreciation on assets was disallowed for assets lacking proper invoice documentation. The tribunal's order was quashed in part, and the appeal was disposed of accordingly. Case-Laws Income Tax Tue, 15 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409224