https://www.taxtmi.com/caselaws?id=262914 Reassessment jurisdiction under sections 147 and 148 was sustained because information contained in the notes to accounts gave the Assessing Officer reason to believe that income had escaped assessment. The absence of fresh external material did not invalidate reopening on the stated facts. Misuse charges paid under a government policy to regularise commercial use of leased premises and facilitate conversion from leasehold to freehold were treated as business expenditure rather than a penalty for breach of law. The deduction was therefore allowed, while the reassessment proceedings remained valid. 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 Reassessment jurisdiction under sections 147 and 148 was sustained because information contained in the notes to accounts gave the Assessing Officer reason to believe that income had escaped assessment. The absence of fresh external material did not invalidate reopening on the stated facts. Misuse charges paid under a government policy to regularise commercial use of leased premises and facilitate conversion from leasehold to freehold were treated as business expenditure rather than a penalty for breach of law. The deduction was therefore allowed, while the reassessment proceedings remained valid. Case-Laws Income Tax Wed, 06 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262914