Special leave petitions dismissed against reopening assessment under s.147 where full facts on advertisement and sales-promotion were placed before AO SC dismissed special leave petitions challenging reopening of assessment under s.147 where HC had found that full material facts concerning advertisement ...
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Special leave petitions dismissed against reopening assessment under s.147 where full facts on advertisement and sales-promotion were placed before AO
SC dismissed special leave petitions challenging reopening of assessment under s.147 where HC had found that full material facts concerning advertisement and sales-promotion disallowances were placed before the AO during regular assessment and an order under s.143(3) had been passed. The SC upheld the HC's finding and rejected the challenge to the post-four-year notice, concluding there was no merit in the petitions.
The Supreme Court dismissed the special leave petitions regarding the notice issued under Section 148 of the Income Tax Act, 1961 after the expiry of four years from the end of the relevant assessment year. The Court found that full material facts regarding the expenditure were presented by the assessee, Asian Paints Ltd., during the regular assessment proceedings.
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