1979 (11) TMI 166 - AT - Income Tax

Summary

The ITAT MADRAS-D allowed the appeal of the assessee limited company against the reopening of assessment under s. 147(b) and disallowance of Rs. 30,102 spent on research purposes. The reassessment was deemed illegal based on the Supreme Court decision in Indian & Eastern Newspaper Society vs. CIT (2). The audit notes did not provide correct legal positions and were not supported by court decisions. The appeal was allowed.