https://www.taxtmi.com/caselaws?id=325872 The tribunal upheld the reopening of assessment under Section 147, stating that the Assessing Officer had sufficient material to form a belief of income escapement. The revenue's contentions regarding provisions for doubtful debts and advances were allowed, with an additional claim remanded for verification. The provision for wages was deemed an ascertained liability and not added back to book profits. The adjustment of purchase of materials was denied for the relevant year but directed for relief in the subsequent year. The provision for estimated loss in the Salt Lake factory was upheld as an anticipated loss. Disallowance under Section 14A was not applicable if not debited in the profit and loss account. Both parties' appeals were partly allowed. en-us Wed, 03 Feb 2016 00:00:00 +0530 Wed, 30 Mar 2016 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325872 The tribunal upheld the reopening of assessment under Section 147, stating that the Assessing Officer had sufficient material to form a belief of income escapement. The revenue's contentions regarding provisions for doubtful debts and advances were allowed, with an additional claim remanded for verification. The provision for wages was deemed an ascertained liability and not added back to book profits. The adjustment of purchase of materials was denied for the relevant year but directed for relief in the subsequent year. The provision for estimated loss in the Salt Lake factory was upheld as an anticipated loss. Disallowance under Section 14A was not applicable if not debited in the profit and loss account. Both parties' appeals were partly allowed. Case-Laws Income Tax Wed, 03 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325872