https://www.taxtmi.com/caselaws?id=774440 The ITAT Mumbai allowed the assessee's appeal on two grounds. First, the reopening of assessment beyond four years under Section 148 was held invalid as no fresh material was available to the Department, with the Tax Audit Report being available from the beginning. The court relied on SC precedents including Kelvinator India Ltd. Second, regarding depreciation entitlement, the tribunal held that since the assessee became owner of the property in the first half of the financial year and fulfilled both ownership and usage requirements for more than six months, full depreciation was allowable rather than the 50% depreciation imposed by the AO. en-us Fri, 20 Jun 2025 00:00:00 +0530 Wed, 09 Jul 2025 08:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774440 The ITAT Mumbai allowed the assessee's appeal on two grounds. First, the reopening of assessment beyond four years under Section 148 was held invalid as no fresh material was available to the Department, with the Tax Audit Report being available from the beginning. The court relied on SC precedents including Kelvinator India Ltd. Second, regarding depreciation entitlement, the tribunal held that since the assessee became owner of the property in the first half of the financial year and fulfilled both ownership and usage requirements for more than six months, full depreciation was allowable rather than the 50% depreciation imposed by the AO. Case-Laws Income Tax Fri, 20 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774440