1982 (2) TMI 151 - AT - Income Tax

Summary

The revenue appealed the cancellation of reassessment under s. 147(b) for depreciation and extra shift allowance. The ITAT Madras held that the reassessment cannot be sustained due to the assessee's option not to claim depreciation and a change of opinion by the ITO. The reassessment was also found impermissible for reducing income. The CIT (Appeals) order cancelling the reassessment was upheld. The appeal was dismissed. (Case: 1982 (2) TMI 151 - ITAT MADRAS)