Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Reopening of assessment u/s 147 - Return filed was non-est return and not a valid return in the eyes of law as per Section 139(4)- Clause (a) of Explanation 2 would squarely apply which provide that income would be deemed to have escaped assessment in case no return was furnished although assessee income exceeded the maximum amount which is not chargeable to income tax - reassessment valid
Reopening of assessment u/s 147 - Return filed was non-est return and not a valid return in the eyes of law as per Section 139(4)- Clause (a) of Explanation 2 would squarely apply which provide that income would be deemed to have escaped assessment in case no return was furnished although assessee income exceeded the maximum amount which is not chargeable to income tax - reassessment valid
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
