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2024 (5) TMI 591 - ITAT PUNEReopening of assessment u/s 147 - Disallowance of depreciation on new Honda City car - as per revenue depreciation had been rightly restricted to 50% as per Rule 5 of Income Tax Rules, 1962; New Appendix-1; III Plant & Machinery (3)(via) in very terms - HELD THAT:- No merit in Revenue’s arguments since it clearly appears to be an instance of change of opinion not sustainable in law going by Kelvinator of India Limited [2010 (1) TMI 11 - SUPREME COURT] - It is deemed appropriate to observe herein that the assessment order herein is AY 2010-2011 and the AO had framed his sec. 143(3) assessment on 26.03.2013 followed by his sec. 148 notice issued in the year 2017. This chronology of events makes it clear that the AO had initiated his impugned action beyond a period of four years from the end of the relevant assessment year without even satisfying that assessee had not disclosed the relevant particulars “fully” and “truly” in the foregoing former round. That being the case, we quote Hindustan Lever Ltd. v. R.B. Wadkar [2004 (2) TMI 41 - BOMBAY HIGH COURT] that such reopening reasons have to be read on standalone basis without any scope of improvement or substitution or addition therein; as the case may be. Revenue’s case hardly carries any merit as well once it is evident that the assessee had duly got it’s vehicle(s) insured on 30.09.2009 which has been treated “put to use” in absence of any evidence to the contrary. Be that as it may, find no merit in the Revenue’s vehement arguments regarding validity of the impugned reopening as well as on merits. It fails in it’s instant appeal in very terms. Decided against revenue.
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