https://www.taxtmi.com/caselaws?id=310763 The ITAT Mumbai quashed the reassessment notice issued under section 147 beyond four years, finding it based on facts already on record without any failure by the assessee to disclose material facts. The tribunal allowed deduction under section 80IA for railway infrastructure even for captive consumption, following Madras HC precedent. It directed deletion of CENVAT credit disallowance for eligible units under section 80IA, holding that eligible units should get corresponding credit when treated as standalone entities. The tribunal allowed additional depreciation under section 32(1)(iia) following coordinate bench decision in Ambuja Cement case. It upheld deduction under section 80IA for power-generating units and directed recomputation of long-term capital gains on Porbandar land transfer after excluding 35 acres previously transferred to HMP Cement. en-us Tue, 28 Feb 2023 00:00:00 +0530 Sat, 11 Nov 2023 08:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310763 The ITAT Mumbai quashed the reassessment notice issued under section 147 beyond four years, finding it based on facts already on record without any failure by the assessee to disclose material facts. The tribunal allowed deduction under section 80IA for railway infrastructure even for captive consumption, following Madras HC precedent. It directed deletion of CENVAT credit disallowance for eligible units under section 80IA, holding that eligible units should get corresponding credit when treated as standalone entities. The tribunal allowed additional depreciation under section 32(1)(iia) following coordinate bench decision in Ambuja Cement case. It upheld deduction under section 80IA for power-generating units and directed recomputation of long-term capital gains on Porbandar land transfer after excluding 35 acres previously transferred to HMP Cement. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310763