AO can’t initiate reassessment after re-examining accounts that were duly produced during original scrutiny: HC

INCOME TAX : Where during scrutiny assessment petitioner produced its books of account and disclosed all facts in questionnaire issued by AO, since there was conscious application of mind by AO to said materials during original assessment proceedings, reopening assessment on ground that deduction on account of loss on sale of assets was wrongly claimed petitioner as same was not a revenue expenditure,INCOME TAX : Where during scrutiny assessment petitioner produced its books of account and disclosed all facts in questionnaire issued by AO, since there was conscious application of mind by AO to said materials during original assessment proceedings, reopening assessment on ground that deduction on account of loss on sale of assets was wrongly claimed petitioner as same was not a revenue expenditure,www.taxmann.com Latest Case LawsRead More

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