https://www.taxtmi.com/caselaws?id=439898 The Tribunal allowed the assessee's appeals, quashing the reassessment orders and related additions. It determined that the reassessment proceedings under Section 147/148 were invalid, as they were based on a mere change of opinion, which is impermissible. The Tribunal also found that the addition concerning depreciation related to the Central Capital Subsidy was unjustified, as it was a review of the original assessment. Furthermore, the Tribunal ruled that the amended provision of Section 2(24)(xviii) has only prospective application, supporting the assessee's position. en-us Fri, 30 Jun 2023 00:00:00 +0530 Tue, 02 Jan 2024 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439898 The Tribunal allowed the assessee's appeals, quashing the reassessment orders and related additions. It determined that the reassessment proceedings under Section 147/148 were invalid, as they were based on a mere change of opinion, which is impermissible. The Tribunal also found that the addition concerning depreciation related to the Central Capital Subsidy was unjustified, as it was a review of the original assessment. Furthermore, the Tribunal ruled that the amended provision of Section 2(24)(xviii) has only prospective application, supporting the assessee's position. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439898