https://www.taxtmi.com/caselaws?id=756988 The Gujarat HC quashed a notice issued under section 148 for reopening assessment proceedings. The court held that the AO formed reasons to believe based solely on existing record material without any fresh tangible evidence having live nexus with recorded reasons. The assessee had fully disclosed all material facts with no allegation of non-disclosure. Since the AO had already considered depreciation claims during regular assessment under section 143(3) and made additions only for excess depreciation on project development phase, the reopening notice was deemed untenable. The case was decided in favor of the assessee. en-us Mon, 05 Aug 2024 00:00:00 +0530 Tue, 13 Aug 2024 07:08:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756988 The Gujarat HC quashed a notice issued under section 148 for reopening assessment proceedings. The court held that the AO formed reasons to believe based solely on existing record material without any fresh tangible evidence having live nexus with recorded reasons. The assessee had fully disclosed all material facts with no allegation of non-disclosure. Since the AO had already considered depreciation claims during regular assessment under section 143(3) and made additions only for excess depreciation on project development phase, the reopening notice was deemed untenable. The case was decided in favor of the assessee. Case-Laws Income Tax Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756988