https://www.taxtmi.com/caselaws?id=61355 The Tribunal held that the Income Tax Officer (ITO) wrongly assumed jurisdiction under section 147(a) without sufficient material to show income had escaped assessment, rendering the notice under section 148 invalid. Additionally, the assessee was entitled to the deduction of the current year's depreciation allowance and the set off of past years' losses, depreciation, and deductions under section 80J. The Tribunal allowed the appeal in favor of the assessee, directing the ITO to determine the claims and pass a fresh assessment order. en-us Thu, 22 May 1986 00:00:00 +0530 Wed, 12 Jan 2011 13:05:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61355 The Tribunal held that the Income Tax Officer (ITO) wrongly assumed jurisdiction under section 147(a) without sufficient material to show income had escaped assessment, rendering the notice under section 148 invalid. Additionally, the assessee was entitled to the deduction of the current year's depreciation allowance and the set off of past years' losses, depreciation, and deductions under section 80J. The Tribunal allowed the appeal in favor of the assessee, directing the ITO to determine the claims and pass a fresh assessment order. Case-Laws Income Tax Thu, 22 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61355