Investment Allowance Assessment Reopening Quashed: Tribunal Erred on Depreciation Disclosure Requirements for Trial Production Machinery

HC quashed Tribunal's order regarding reopening of assessment based on alleged non-disclosure of unabsorbed investment allowance. The Tribunal erroneously concluded that depreciation claims for trial production machinery weren't shown in computation statements, despite no such requirement existing. Examining orders under s.143(3) and reassessment order dated 29.10.1999, AO had thoroughly considered depreciation based on complete disclosure by assessee. Finding no failure in true and full disclosure of material facts, HC deemed Tribunal's rejection of Misc. Application perverse. Matter remanded to Tribunal for fresh de-novo order, with assessee's Misc. Application allowed. .....

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