https://www.taxtmi.com/caselaws?id=457121 ITAT Mumbai held that reopening assessment under section 147 was invalid due to change of opinion without fresh tangible material. Assessee was entitled to additional depreciation on vaporizers under section 32(1)(iia) as operational connectivity to existing manufacturing wasn't required. Section 80-IB deduction claim was upheld as it was accepted after detailed scrutiny in original assessment. Share buy-back expenses matter was restored to AO for verification. Section 14A disallowance was remanded for fresh determination considering assessee's accounts and proper basis for disallowance. en-us Wed, 24 Aug 2016 00:00:00 +0530 Fri, 06 Sep 2024 20:52:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457121 ITAT Mumbai held that reopening assessment under section 147 was invalid due to change of opinion without fresh tangible material. Assessee was entitled to additional depreciation on vaporizers under section 32(1)(iia) as operational connectivity to existing manufacturing wasn't required. Section 80-IB deduction claim was upheld as it was accepted after detailed scrutiny in original assessment. Share buy-back expenses matter was restored to AO for verification. Section 14A disallowance was remanded for fresh determination considering assessee's accounts and proper basis for disallowance. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457121