https://www.taxtmi.com/caselaws?id=260930 The Tribunal partly allowed both appeals of the Assessee, quashing the reopening of assessments and ruling in favor of the Assessee on various disallowances and additions made by the A.O. The Tribunal held that the reassessment was impermissible as it amounted to a change of opinion, especially regarding disallowance under section 14A and the addition of Fringe Benefit Tax (FBT) to book profits. The Tribunal also noted that the Circular issued by CBDT allowed FBT as a deduction in computing book profits, supporting the Assessee's position. en-us Fri, 30 Jan 2015 00:00:00 +0530 Sat, 27 Jun 2015 06:00:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260930 The Tribunal partly allowed both appeals of the Assessee, quashing the reopening of assessments and ruling in favor of the Assessee on various disallowances and additions made by the A.O. The Tribunal held that the reassessment was impermissible as it amounted to a change of opinion, especially regarding disallowance under section 14A and the addition of Fringe Benefit Tax (FBT) to book profits. The Tribunal also noted that the Circular issued by CBDT allowed FBT as a deduction in computing book profits, supporting the Assessee's position. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260930