https://www.taxtmi.com/caselaws?id=430986 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the re-assessment proceedings initiated by the Assessing Officer under Section 147 did not meet the statutory conditions, rendering the re-assessment invalid. Additionally, the Tribunal allowed the depreciation claim on a foreign exchange loss related to windmills purchased domestically, rejecting the disallowance based on Section 43A. The appellant was entitled to claim depreciation under Section 2(28A), leading to the successful appeal outcome. en-us Tue, 27 Sep 2022 00:00:00 +0530 Sat, 03 Dec 2022 07:00:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430986 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the re-assessment proceedings initiated by the Assessing Officer under Section 147 did not meet the statutory conditions, rendering the re-assessment invalid. Additionally, the Tribunal allowed the depreciation claim on a foreign exchange loss related to windmills purchased domestically, rejecting the disallowance based on Section 43A. The appellant was entitled to claim depreciation under Section 2(28A), leading to the successful appeal outcome. Case-Laws Income Tax Tue, 27 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430986