https://www.taxtmi.com/caselaws?id=447915 Delhi HC quashed reassessment proceedings under Section 148 of Income Tax Act. The petitioner had claimed 100% depreciation on temporary structures, which was initially accepted by the Assessing Officer after examination of books and supporting documents. Revenue later sought to reopen assessment arguing excessive depreciation claim. Court held that once structures are categorized as temporary, 100% depreciation rate under Rule 5 of Appendix I is prescribed and cannot be deemed excessive. The reassessment constituted impermissible change of opinion rather than discovery of new material facts. Explanations under Section 147 were inapplicable to case facts. Writ petition allowed. en-us Thu, 14 Dec 2023 00:00:00 +0530 Fri, 03 May 2024 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447915 Delhi HC quashed reassessment proceedings under Section 148 of Income Tax Act. The petitioner had claimed 100% depreciation on temporary structures, which was initially accepted by the Assessing Officer after examination of books and supporting documents. Revenue later sought to reopen assessment arguing excessive depreciation claim. Court held that once structures are categorized as temporary, 100% depreciation rate under Rule 5 of Appendix I is prescribed and cannot be deemed excessive. The reassessment constituted impermissible change of opinion rather than discovery of new material facts. Explanations under Section 147 were inapplicable to case facts. Writ petition allowed. Case-Laws Income Tax Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447915