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The High Court held that the reassessment proceedings were void as the Assessing Officer acted on the dictates of higher authorities without independent application of mind. The Court also noted that the limitation period for framing the reassessment order had lapsed.
The High Court held that the actual cost of plant and machinery should be adjusted for exchange rate fluctuations in the year the liability arises, allowing depreciation on the increased cost. The ITAT's order was set aside.
The Tribunal was correct in disallowing 100% depreciation on pollution control equipment as it was not proven to be such, and in limiting depreciation on approach roads, drainage, bore-wells, and reservoirs to 10%. The assessee failed to provide evidence for their claims.
The High Court held that the prosecution failed to prove the demand and acceptance of the bribe, which are essential ingredients for an offense under the Prevention of Corruption Act. The court found the evidence insufficient to convict the accused.