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2016 (12) TMI 119 - HC - Income TaxValidity of reopening of assessment - income from collection of parking fee from the trucks attribution - Held that:- The reason to believe to conclude that tax has escaped assessment is not at all reflected, in the order passed by the assessing officer. The Assessing Officer has not said that income from collection of parking fee from the trucks is attributable to building and not to the parking facility provided for the trucks. Even if the order recorded by the assessing officer on 10.04.2007 is liberally construed, we do not find the requisite material or the nexus on the basis of which, the reasonable belief is reached, for ordering the reassessment proceeding. Therefore in our understanding, the action initiated against the assessee under Section 147/148 appears to be without any jurisdiction and it is declared so accordingly. Thus the substantial questions of law are answered in favour of the assessee and we further declare that the Gotanagar Truck Terminus is a plant and not building, for the purpose of claiming depreciation under Section 32 read with Section 43 of the IT Act. Consequently the assessee is held entitled to depreciation at the rate of 25% as prescribed for plant and not at 10%, as applicable for building.
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