https://www.taxtmi.com/caselaws?id=256208 The Court quashed the notice issued under Section 148 of the Income Tax Act for re-opening assessment, as it lacked reasonable belief and was based on a change of opinion, making it unsustainable. The petitioner's claims regarding the allowability of interest paid on borrowed capital as revenue expenditure and depreciation on intangible assets, specifically Goodwill and Non-compete fees, were upheld based on relevant legal precedents. The Court set aside the notice and ruled in favor of the petitioner, with no order as to costs. en-us Thu, 15 Jan 2015 00:00:00 +0530 Fri, 06 Feb 2015 10:36:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256208 The Court quashed the notice issued under Section 148 of the Income Tax Act for re-opening assessment, as it lacked reasonable belief and was based on a change of opinion, making it unsustainable. The petitioner's claims regarding the allowability of interest paid on borrowed capital as revenue expenditure and depreciation on intangible assets, specifically Goodwill and Non-compete fees, were upheld based on relevant legal precedents. The Court set aside the notice and ruled in favor of the petitioner, with no order as to costs. Case-Laws Income Tax Thu, 15 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256208