Company's Reassessment u/ss 147/148 for Incomplete Income Disclosure Triggered by Related Entity's 2007-08 Royalty Payment.

Reassessment proceedings u/s. 147/148 - assessee company has not disclosed its income fully and truly - A perusal of the reasons recorded for reopening assessment shows that the entire exercise has been done by the Assessing Officer on the basis of assessment of GBN for AY 2007-08 wherein an amount on account of royalty paid to the assessee was found. The amount accrued by the payer in its books has no relevance as it is a trite law that payment may be treated differently in the books of payer and the payee. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X