https://www.taxtmi.com/caselaws?id=428437 The court ruled in favor of the petitioner, finding that the re-assessment proceedings under the Income Tax Act for AY 2012-13 were time-barred and lacked legal basis. The Assessing Authority failed to establish any new material post-assessment to justify the re-assessment beyond the four-year period, as required by the proviso to Section 147. As all reasons for re-assessment were based on original assessment records, the court set aside the order disallowing additional depreciation claimed by the petitioner. The Writ Petition was allowed by Honourable Dr. Justice Anita Sumanth, with no costs awarded. en-us Mon, 19 Sep 2022 00:00:00 +0530 Fri, 30 Sep 2022 09:38:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428437 The court ruled in favor of the petitioner, finding that the re-assessment proceedings under the Income Tax Act for AY 2012-13 were time-barred and lacked legal basis. The Assessing Authority failed to establish any new material post-assessment to justify the re-assessment beyond the four-year period, as required by the proviso to Section 147. As all reasons for re-assessment were based on original assessment records, the court set aside the order disallowing additional depreciation claimed by the petitioner. The Writ Petition was allowed by Honourable Dr. Justice Anita Sumanth, with no costs awarded. Case-Laws Income Tax Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428437