Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 32 - AT - Income TaxValidity of re-opening of assessment u/s 148 - Income escaping assessment u/s 147 - assessee has shown the "interest income" as "business income" and claimed set off from carried forward business loss - Held that:- No tangible material was existing before the AO that could prove that interest income assessed as business income in earlier years should be taxed under the head income from other sources - in the absence of any valid reasons re-opening of assessment u/s 147 cannot be exercised - Decided in favor of assessee. Disallowance of provisions for doubtful debts in computing MAT u/s 115JB - Held that:- AO has no power to disturb the figures shown in the P & L a/c. prepared in accordance with Part II and III of the Schedule VI of the Companies Act - AO was unable to prove that provision were for unascertained liability - hence the disallowance must be deleted as followed in case of APOLLO TYRES LTD. VERSUS COMMISSIONER OF INCOME TAX [2002 (5) TMI 5 - SUPREME COURT] - no justification for issuing a notice u/s. 148 - Decided in favor of assessee.
|