https://www.taxtmi.com/caselaws?id=262914 The Tribunal upheld the validity of the reassessment proceedings initiated by the Assessing Officer under section 147 of the Income Tax Act, based on information in the notes to accounts indicating income had escaped assessment. Additionally, the Tribunal allowed the deduction of misuse charges claimed by the appellant, determining the payment was not a penalty but a business expenditure under a government policy. The appeal was allowed for statistical purposes. en-us Wed, 06 May 2015 00:00:00 +0530 Sat, 22 Aug 2015 07:52:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262914 The Tribunal upheld the validity of the reassessment proceedings initiated by the Assessing Officer under section 147 of the Income Tax Act, based on information in the notes to accounts indicating income had escaped assessment. Additionally, the Tribunal allowed the deduction of misuse charges claimed by the appellant, determining the payment was not a penalty but a business expenditure under a government policy. The appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 06 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262914