That the original assessment was completed under S. 143(3) of the Act. In the course of re-assessment proceedings, the AO disallowed the depreciation and other expenses in respect of running of a boiler and turbine while computing the income under the head ‘other sources’ on the ground that there were strong indication that neither the boiler nor the turbine were ready for the use up to 31.03.1992. He also held that agreements entered into between the respondent-company and M\/s. Mysore Petrochemicals for hiring out the boiler and turbine and the evidence produced in support of the same, were generated with the sole purpose to prove that boiler and turbine have been hired out. Accordingly, AO determined the total income of the assessee at Rs.1,42,36,688\/-under the head ‘income from other sources. CIT (A) held that the re-assessment done by the AO is\u00a0 liable to be annulled.\u00a0 Tribunal affirmed the order of CIT (A).\u00a0 On appeal the\u00a0 High Court affirmed the order of Tribunal. (AY. 1992-93)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Unabsorbed depreciation\u2013No failure to disclose material facts\u2013Reassessment is held to be bad in law. [S. 32, 148, 149]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11447","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2YD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11447"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11447\/revisions"}],"predecessor-version":[{"id":17595,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11447\/revisions\/17595"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}