Reopening of Assessment Regarding Excess Claim of Depreciation: SC Dismisses SLP Due to Lack of Sufficient Reason for Delay

The Supreme Court dismissed an SLP challenging reopening of assessment for excess depreciation claims, citing insufficient justification for delay. The judgment reinforces principles governing reopening of assessments, ensuring adherence to timelines and procedural fairness. It highlights the requirement for sufficient cause before reopening assessments, protecting taxpayers from arbitrary actions by authorities.