https://www.taxtmi.com/caselaws?id=328583 The court ruled in favor of the Assessee in a case concerning the validity of reassessment proceedings under Section 147/148 of the Income Tax Act. The court held that the reassessment was a mere change of opinion by the Assessing Officer without fresh tangible material, setting aside the impugned orders. Additionally, the court determined that a trade discount given by the Appellant to obtain exclusive vendor status was a revenue expenditure, not a capital expenditure, rejecting the AO's contention and allowing the appeal in favor of the Assessee. en-us Wed, 18 May 2016 00:00:00 +0530 Wed, 08 Jun 2016 19:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328583 The court ruled in favor of the Assessee in a case concerning the validity of reassessment proceedings under Section 147/148 of the Income Tax Act. The court held that the reassessment was a mere change of opinion by the Assessing Officer without fresh tangible material, setting aside the impugned orders. Additionally, the court determined that a trade discount given by the Appellant to obtain exclusive vendor status was a revenue expenditure, not a capital expenditure, rejecting the AO's contention and allowing the appeal in favor of the Assessee. Case-Laws Income Tax Wed, 18 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328583