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2012 (8) TMI 145 - HC - Income TaxReassessment proceeding under Section 147 – Disallowance of unabsorbed / unserved depreciation - period of limitation - amendment w.e.f. 1997-98 - Held that:- Depreciation has been wrongly allowed pertaining to the assessment year 1993-94 to 1997-98 to which the petitioner was not entitled - deemed to have escaped assessment within the meaning of Section 147 of the I.T. Act for which action under Section 147 was taken and the impugned notice under Section 148 is issued - depreciation which was allowed by the Assessing Officer while completing assessment under Section 143(3) was never before the 1st Appellate Authority and consequently before the ITAT - writ petition is dismissed.
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