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2004 (10) TMI 51 - HC - Income TaxIncome escaping assessment – reopening of assessment – rejection of accounts - Whether, Tribunal was right in holding that no interest under section 234A can be charged for delay in filing the return in response to notice under section 148, as the original return was on file all the time? – Held that since, when the very reopening of the case for the assessment years is based on change of opinion and on irrelevant, illogical and unsustainable reasons, without any jurisdiction, the question of demanding interest under section 234A does not arise. - Whether Tribunal was right in holding that leased out commercial vehicles are eligible for higher rate of depreciation? - This question is answered in the affirmative, in favour of the assessee – Further it is held that the Tribunal was right in granting 100 per cent, depreciation on steel rollers – Held that Tribunal was right in allowing 100 per cent, depreciation on bottles purchased in bulk by the assessee and leased out to others
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