https://www.taxtmi.com/caselaws?id=219672 The Tribunal upheld the reopening of assessments under Section 147/148, allowing the Assessing Officer to bring to tax income escaping assessment due to excessive deduction claims under Section 80HHC while computing book profits under Section 115JB. It permitted the deduction of export profits under Section 80HHC without phasing out and excluded certain charges from eligible profits. The Tribunal also clarified the treatment of deferred tax provisions, interest income classification, and the exclusion of certain taxes from total turnover. Additionally, it addressed issues related to reassessment validity, interest on capital assets, provisions for unascertained liabilities, DEPB benefits computation, depreciation on demolished assets, and import entitlement recognition under the Advance License Scheme. en-us Mon, 02 Jul 2012 00:00:00 +0530 Fri, 14 Dec 2012 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219672 The Tribunal upheld the reopening of assessments under Section 147/148, allowing the Assessing Officer to bring to tax income escaping assessment due to excessive deduction claims under Section 80HHC while computing book profits under Section 115JB. It permitted the deduction of export profits under Section 80HHC without phasing out and excluded certain charges from eligible profits. The Tribunal also clarified the treatment of deferred tax provisions, interest income classification, and the exclusion of certain taxes from total turnover. Additionally, it addressed issues related to reassessment validity, interest on capital assets, provisions for unascertained liabilities, DEPB benefits computation, depreciation on demolished assets, and import entitlement recognition under the Advance License Scheme. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219672