2015 (8) TMI 425

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... provision of the Act tantamounts to change of opinion ? (2) Whether, in the facts and in the circumstances of the case and in law, it is not true that a change of opinion is possible only where two views are possible on an issue and, therefore, in respect of a deduction claim, terminal depreciation in the present case, which does not even find mention anywhere in the Act as a deduction, there is no possibility of two views and, consequently, no question of change of opinion getting imbibed upon the reasons recorded for reopening ? (3) Whether, in the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal is justified in holding that the assessment made under section 147 is bad in law ?" 2. In the pres....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er had change of opinion without any tangible material. 4. We have heard Mr. Suresh Kumar on behalf of the Revenue and Mr. Shah on behalf of the assessee. They have taken us through the proceedings before the Tribunal and the authorities below. 5. The term "depreciation", as ordinarily understood in the context of the Income-tax Act, 1961, has been considered by the hon'ble Supreme Court in the case of I. C. D. S. Ltd. v. CIT reported in AIR 2013 SC 3037, the hon'ble Supreme Court was concerned with the interpretation of section 32 of the Income-tax Act, 1961. The hon'ble Supreme Court held as under: "Depreciation is the monetary equivalent of the wear and tear suffered by a capital asset that is set aside to facilitate its ....