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2012 (5) TMI 287 - HC - Income TaxReopening of an assessment u/s 147/148 - Depreciation - possession - hire purchase of the machinery - held that:- while for one year it had accepted the transactions as a genuine one, viz., 1998-99, in respect of assessment years 1995-96 to 1997-98, it took a different stand that it is a colourable transaction. On a perusal of the documents produced, we have no hesitation in confirming the order of the Tribunal, both on the question of jurisdiction to reopen the assessment for the assessment year 1995-96 and on the merits of the claim in respect of the three assessment years viz., 1995-96 to 1997-98. - Decided in favor of assessee.
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