Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
The Appellate Tribunal considered the validity of the reopening of assessment u/s 147 beyond four years. The assessment was based on notes to accounts for AY 2009-10. The Tribunal noted that the assessee had fully disclosed details during the original assessment u/s 143(3), and the assessing officer verified these details. The Tribunal emphasized that for reopening after four years, there must be a failure to disclose all material facts. The Supreme Court held that the AO can reassess based on new material only. In this case, the assessing officer made additions based on materials already verified in the original assessment u/s 143(3) without any new basis for reopening. The Tribunal allowed the assessee's appeal.
The Appellate Tribunal considered the validity of the reopening of assessment u/s 147 beyond four years. The assessment was based on notes to accounts for AY 2009-10. The Tribunal noted that the assessee had fully disclosed details during the original assessment u/s 143(3), and the assessing officer verified these details. The Tribunal emphasized that for reopening after four years, there must be a failure to disclose all material facts. The Supreme Court held that the AO can reassess based on new material only. In this case, the assessing officer made additions based on materials already verified in the original assessment u/s 143(3) without any new basis for reopening. The Tribunal allowed the assessee's appeal.
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