https://www.taxtmi.com/caselaws?id=239004 The Tribunal dismissed the Revenue's appeals for both assessment years and allowed the assessee's cross-objection, upholding the CIT(A)'s decisions on all issues. The reassessment proceedings were deemed unsustainable in law due to a change of opinion without fresh material, leading to the deletion of additions on bad debts written off and various disallowances. The Tribunal affirmed the CIT(A)'s findings that losses in contract receipts were justified, certain expenditures were revenue in nature, and interest disallowances lacked a direct nexus, in line with relevant case law. en-us Fri, 08 Feb 2013 00:00:00 +0530 Sun, 20 Oct 2013 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239004 The Tribunal dismissed the Revenue's appeals for both assessment years and allowed the assessee's cross-objection, upholding the CIT(A)'s decisions on all issues. The reassessment proceedings were deemed unsustainable in law due to a change of opinion without fresh material, leading to the deletion of additions on bad debts written off and various disallowances. The Tribunal affirmed the CIT(A)'s findings that losses in contract receipts were justified, certain expenditures were revenue in nature, and interest disallowances lacked a direct nexus, in line with relevant case law. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239004