https://www.taxtmi.com/caselaws?id=271156 The court quashed the notice seeking to reopen the assessment for the assessment year 2010-2011, as the grounds presented by the Assessing Officer were found to be incorrect and unsupported by evidence. The court held that the sum of Rs. 76 crores receivable from GCMMFL was indeed reflected in the Profit and Loss account, the deduction of Rs. 2.29 crores under section 80P(2)(d) was justified, and the prior period expenditure of Rs. 14.68 lakhs was properly accounted for as income. The petition was allowed, and the assessment reopening was deemed unjustified. en-us Tue, 19 Jan 2016 00:00:00 +0530 Thu, 17 Nov 2016 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271156 The court quashed the notice seeking to reopen the assessment for the assessment year 2010-2011, as the grounds presented by the Assessing Officer were found to be incorrect and unsupported by evidence. The court held that the sum of Rs. 76 crores receivable from GCMMFL was indeed reflected in the Profit and Loss account, the deduction of Rs. 2.29 crores under section 80P(2)(d) was justified, and the prior period expenditure of Rs. 14.68 lakhs was properly accounted for as income. The petition was allowed, and the assessment reopening was deemed unjustified. Case-Laws Income Tax Tue, 19 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271156