Reopening of assessment u/s 147 - Allowability of Expenditure on ...

Income Tax

June 22, 2022

Reopening of assessment u/s 147 - Allowability of Expenditure on account of freebies incurred in violation of the provisions of Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations 2022 is not admissible under Section 37(1) - This is not a case where the assessment is sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but this is a case wherein the assessment sought to be reopened on account of change of opinion of the Assessing Officer about the manner of computation of income. The same is not permissible, in view of proviso to Section 147 - HC

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Reopening of assessment u/s 147 - Allowability of Expenditure on ...

Income Tax

June 22, 2022

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