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2012 (8) TMI 491 - AT - Income TaxDisallowance of expenditure on account of advertisement u/s 37(1) - reopening of assessment proceedings u/s 148 - Held that:- A.O. has power to re-open the assessment provided there is tangible material to come to the conclusion that there was escapement of income from assessment & reason must have a live link with the formation of the belief - in the instant case no findings of reasons having any link with the formation of the belief since the A.O. while reopening the assessment for A.Y. 2004-05 has relied on the assessment order for 2005-06 on the issue of disallowance of advertisement expenses which are completely different from the A.Y. 2004-05 in view of the findings of the Third Member in assessee’s own case for A.Y. 2005-06 - the reassessment proceedings are invalid - in favour of assessee.
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