TMI Blog2021 (6) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of escapement of income which was nothing but mere change of opinion. There was no new tangible material which would demonstrate any escapement of income in the hands of the assessee. This being so, the ratio of cited decision was squarely applicable to the facts of the case and Ld. CIT(A) was quite justified in declaring the reassessment proceedings as invalid. Finding no infirmity in the same, we dismiss the appeal. - I.T.A. No. 5227/Mum/2019 - - - Dated:- 1-6-2021 - Mahavir Singh, Vice President And Manoj Kumar Aggarwal, Member (A) For the Appellant : Rajendra Joshi, Ld. Sr. DR For the Respondents : Poonam Agnihotri, Ld. AR ORDER Manoj Kumar Aggarwal, Member (A) 1. Aforesaid appeal by revenue for Assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t proceedings u/s 143(3) and the claim was allowed with due application of mind. However, rejecting the same and after appreciating assessee's documentary evidences, Ld. AO opined that the assessee was entitled to 50% rate of depreciation only on these assets. Accordingly, the assessed loss was reduced with the alleged excess claim. 4. Before Ld. CIT(A), the assessee assailed reassessment proceedings by submitting that requisite details as well as documentary evidences etc. with respect to depreciation claim were duly submitted during the course of original assessment proceedings u/s 143(3). The same were duly verified and accepted by Ld. AO with due application of mind. Further, there was no new evidence on record which would prove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nized u/s 143(3) wherein assessee' claim of depreciation was duly examined by Ld. AO. The claim was allowed after due application of mind. The requisite documents and details were already furnished by the assessee during original assessment proceedings. However, subsequently, on the basis of existing material as available on record, Ld. AO formed an opinion of escapement of income which was nothing but mere change of opinion. There was no new tangible material which would demonstrate any escapement of income in the hands of the assessee. This being so, the ratio of cited decision was squarely applicable to the facts of the case and Ld. CIT(A) was quite justified in declaring the reassessment proceedings as invalid. Finding no infirmity ..... X X X X Extracts X X X X X X X X Extracts X X X X
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