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2017 (5) TMI 637 - HC - Income TaxValidity of reopening of assessment - Held that:- In the absence of any tangible material, which can be the only basis for reopening a completed assessment, the Revenue could not have issued the impugned notice. As to the applicability of General Motors India Private Limited's case (2012 (8) TMI 714 - GUJARAT HIGH COURT ), the court is of the opinion that the view taken is sound and an added factor inhibited the Revenue from reopening the assessment. The benefit of carrying forward the depreciation was, in one sense, limited by the pre-existing ruling that can be done for eight years. All that amendment did with effect from April 1, 2002 was to remove the cap which meant that the previously limited benefit was now not subjected to such restrictions. In the light of the foregoing discussion, the impugned notice cannot be sustained. It is hereby quashed along with all proceedings emanating therefrom. - Decided in favour of assessee.
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