https://www.taxtmi.com/caselaws?id=297329 The Tribunal deemed the reopening of assessment under section 147 as valid due to the belief that income had escaped assessment. However, the Tribunal allowed the benefit of carrying forward unabsorbed depreciation beyond eight years, citing relevant judicial precedents and the amended provisions of section 32(2). As a result, the assessee's appeal was partially allowed, directing the AO to permit the carry forward of unabsorbed depreciation amounting to ? 23,69,592/- indefinitely. en-us Wed, 23 Mar 2016 00:00:00 +0530 Sat, 28 Aug 2021 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297329 The Tribunal deemed the reopening of assessment under section 147 as valid due to the belief that income had escaped assessment. However, the Tribunal allowed the benefit of carrying forward unabsorbed depreciation beyond eight years, citing relevant judicial precedents and the amended provisions of section 32(2). As a result, the assessee's appeal was partially allowed, directing the AO to permit the carry forward of unabsorbed depreciation amounting to ? 23,69,592/- indefinitely. Case-Laws Income Tax Wed, 23 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297329