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2017 (8) TMI 534 - HC - Income TaxReopening of assessment - Reasons for the belief that income has escaped assessment - claim of expenditure in course of trading of crude and refined edible oil on settlement basis as allowable business expenditure - AO held this not an allowable business expenditure but was a speculative loss and therefore not allowable under section 73 - Held that:- all these observations and formation of belief by the Assessing Officer are based on documents on record produced by the petitioner along with the return of income. In fact, this issue was examined by the Assessing Officer during the original assessment. Reopening notice set aside - Decided in favour of assessee.
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