https://www.taxtmi.com/caselaws?id=178802 The reassessment proceedings under section 148 of the Income Tax Act, 1961 were upheld by the ld. CIT (Appeals) based on demurrages charges, unconnected wagons purchase, and prior period expenses. However, the demurrages charges disallowance was deleted as they were considered deductible business expenditures. The purchase of unconnected wagons was also deemed not capital expenditure, leading to the deletion of the addition. The appeal on prior period expenses disallowance was dismissed, emphasizing the importance of proper assessment procedures and distinguishing between business expenditures and capital expenses. en-us Fri, 30 Sep 2011 00:00:00 +0530 Fri, 12 Feb 2016 18:29:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178802 The reassessment proceedings under section 148 of the Income Tax Act, 1961 were upheld by the ld. CIT (Appeals) based on demurrages charges, unconnected wagons purchase, and prior period expenses. However, the demurrages charges disallowance was deleted as they were considered deductible business expenditures. The purchase of unconnected wagons was also deemed not capital expenditure, leading to the deletion of the addition. The appeal on prior period expenses disallowance was dismissed, emphasizing the importance of proper assessment procedures and distinguishing between business expenditures and capital expenses. Case-Laws Income Tax Fri, 30 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178802