https://www.taxtmi.com/caselaws?id=441468 The Tribunal allowed the appeal, quashing the reopening of the assessment beyond four years as it was deemed a "change of opinion" without new tangible material. The claim for additional depreciation on a Fluidized Bed Furnace was upheld, supported by sufficient details and legal precedent. The Assessing Officer's jurisdiction to reopen assessments based on existing facts was limited, leading to the conclusion that the reopening was without legal basis and invalid. en-us Fri, 04 Aug 2023 00:00:00 +0530 Tue, 08 Aug 2023 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441468 The Tribunal allowed the appeal, quashing the reopening of the assessment beyond four years as it was deemed a "change of opinion" without new tangible material. The claim for additional depreciation on a Fluidized Bed Furnace was upheld, supported by sufficient details and legal precedent. The Assessing Officer's jurisdiction to reopen assessments based on existing facts was limited, leading to the conclusion that the reopening was without legal basis and invalid. Case-Laws Income Tax Fri, 04 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441468