Reopening Assessment Beyond Four Years Without New Evidence Invalid Under Section 148; Full Depreciation Allowed for Asset Used Over 180 Days

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....The ITAT allowed the appellant's appeal, holding that the reopening of assessment beyond four years was invalid as no fresh material justified it, given that the Tax Audit Report was available to the AO from the outset, negating any failure to disclose material as required under Section 148. Consequently, the reassessment was quashed. Regarding depreciation, the Tribunal held that the appellant, having acquired ownership and use of the asset within the first half of the relevant fiscal year, was entitled to full depreciation rather than the 50% allowed by the AO. The AO's disallowance of part depreciation was reversed, as both ownership and usage criteria were met for more than 180 days. Thus, the appellant succeeded on both grounds, resulting in the deletion of the addition and dismissal of the reassessment proceedings.....