https://www.taxtmi.com/caselaws?id=60254 The Appellate Tribunal ITAT CALCUTTA-B dismissed the Revenue's appeals for the assessment years 1972-73 and 1973-74. The Tribunal upheld the cancellation of assessments by the Assistant Commissioner of Income Tax, ruling that the Audit's opinion on legal aspects did not provide valid grounds for reopening assessments. It was found that depreciation on leased machinery was admissible, and there was no income escapement from the self-occupied property due to comprehensive leasing arrangements. The Tribunal emphasized the limitations on reopening assessments based on Audit opinions involving legal interpretations, in line with the Supreme Court decision in Indian & Eastern Newspaper Society v. CIT. en-us Sat, 31 Jan 1981 00:00:00 +0530 Tue, 04 Jan 2011 14:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60254 The Appellate Tribunal ITAT CALCUTTA-B dismissed the Revenue's appeals for the assessment years 1972-73 and 1973-74. The Tribunal upheld the cancellation of assessments by the Assistant Commissioner of Income Tax, ruling that the Audit's opinion on legal aspects did not provide valid grounds for reopening assessments. It was found that depreciation on leased machinery was admissible, and there was no income escapement from the self-occupied property due to comprehensive leasing arrangements. The Tribunal emphasized the limitations on reopening assessments based on Audit opinions involving legal interpretations, in line with the Supreme Court decision in Indian & Eastern Newspaper Society v. CIT. Case-Laws Income Tax Sat, 31 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60254