https://www.taxtmi.com/caselaws?id=180842 The Tribunal upheld the reopening of assessment under section 147, as income had escaped assessment, justifying the notice issued under section 148. The disallowance of foreign exchange rate fluctuation loss was overturned, allowing the deduction. Exemption under section 10B was disallowed for certain incomes, except for CST reimbursement. The disallowance of interest under section 36(1)(iii) was reversed, permitting the deduction. The disallowance of commission paid and forfeiture of employees' security deposit were remanded for reconsideration. Project expenses disallowance was also directed for reassessment in line with previous Tribunal orders. en-us Fri, 30 Dec 2011 00:00:00 +0530 Wed, 23 Aug 2017 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180842 The Tribunal upheld the reopening of assessment under section 147, as income had escaped assessment, justifying the notice issued under section 148. The disallowance of foreign exchange rate fluctuation loss was overturned, allowing the deduction. Exemption under section 10B was disallowed for certain incomes, except for CST reimbursement. The disallowance of interest under section 36(1)(iii) was reversed, permitting the deduction. The disallowance of commission paid and forfeiture of employees' security deposit were remanded for reconsideration. Project expenses disallowance was also directed for reassessment in line with previous Tribunal orders. Case-Laws Income Tax Fri, 30 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180842