TMI Blog2002 (8) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 147 of the Act. Moreover, in the facts and circumstances of this case, as noticed above, when the principle regarding computation of depreciation on the acquisition valuation of the asset, i.e., Umaid Bhawan Palace, by the petitioner-company has become final for the periods prior to the period in question, and for the periods subsequent to the period in question, no useful purpose will be served in permitting the Assessing Officer to continue the reassessment proceedings now. - Accordingly, this writ petition is allowed and the notices for reopening the assessment are set aside and quashed. - - - - - Dated:- 28-8-2002 - Judge(s) : RAJESH BALIA. JUDGMENT RAJESH BALIA J.-By this writ petition, the assessee-petitioner ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Umaid Bhawan Palace, which stood dissolved after the formation of the company and acquisition of its assets by the company. The company has not received the asset, viz., Umaid Bhawan Palace, on written down value shown in the books of account of the firm but at a higher valuation. The assessee-petitioner has claimed depreciation on the valuation of the asset which was assessed at the time of its acquisition and has been adjusted in the books of account. The depreciation has been allowed on such valuation in the assessments for the assessment years in question which have been framed under section 143(3) of the Act. But now the Department is seeking to reopen the assessments to reassess the depreciation by reducing the same by taking the cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been recorded. In the aforesaid circumstances, so far as initiation of reassessment proceedings for the assessment years 1981-82, 1982-83, 1983-84 and 1984-85 is concerned, apparently the proceedings could have been initiated on March 29, 1990, only if there was satisfaction of the Assessing Officer to the effect that any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year. In the absence of any such satisfaction under the proviso to section 147 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the valuation at which the company has acquired the asset, viz., Umaid Bhawan Palace, to the written down valuation in the books of account of its predecessor firm. This, in my opinion, was merely a change of opinion, which is not permissible for assuming jurisdiction under section 147 of the Act. Moreover, in the facts and circumstances of this case, as noticed above, when the principle regarding computation of depreciation on the acquisition valuation of the asset, i.e., Umaid Bhawan Palace, by the petitioner-company has become final for the periods prior to the period in question, and for the periods subsequent to the period in question, no useful purpose will be served in permitting the Assessing Officer to continue the reassessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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