https://www.taxtmi.com/caselaws?id=182485 The Tribunal upheld the validity of the reopening of the assessment under section 147 of the Income Tax Act, based on audit objections pointing out factual errors. The disallowance of prior period expenses under section 37(1) of the Act was maintained due to the lack of evidence proving that the liability crystallized in the year under consideration. Consequently, the appeal of the assessee was dismissed. en-us Tue, 29 Sep 2015 00:00:00 +0530 Wed, 11 May 2016 23:00:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182485 The Tribunal upheld the validity of the reopening of the assessment under section 147 of the Income Tax Act, based on audit objections pointing out factual errors. The disallowance of prior period expenses under section 37(1) of the Act was maintained due to the lack of evidence proving that the liability crystallized in the year under consideration. Consequently, the appeal of the assessee was dismissed. Case-Laws Income Tax Tue, 29 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182485