https://www.taxtmi.com/caselaws?id=256808 The Court ruled in favor of the petitioner, a company, in a case challenging a notice to reopen the assessment for the year 1998-99. The Court found the grounds for reopening invalid due to an incorrect reference in the notice and supported the petitioner's position on the treatment of loss from foreign exchange rate fluctuation. Additionally, the Court determined that even if the proposed addition by the Assessing Officer was upheld, it would not impact the petitioner's tax liability under section 115JA of the Act. As a result, the Court quashed the notice and allowed the petition without awarding costs. en-us Wed, 23 Apr 2014 00:00:00 +0530 Fri, 20 Feb 2015 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256808 The Court ruled in favor of the petitioner, a company, in a case challenging a notice to reopen the assessment for the year 1998-99. The Court found the grounds for reopening invalid due to an incorrect reference in the notice and supported the petitioner's position on the treatment of loss from foreign exchange rate fluctuation. Additionally, the Court determined that even if the proposed addition by the Assessing Officer was upheld, it would not impact the petitioner's tax liability under section 115JA of the Act. As a result, the Court quashed the notice and allowed the petition without awarding costs. Case-Laws Income Tax Wed, 23 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256808