https://www.taxtmi.com/caselaws?id=183850 The Tribunal invalidated the reassessment proceedings for the assessment years 2005-06, 2007-08, and 2008-09, citing a lack of valid reasons and a mere change of opinion by the Assessing Officer. It upheld the provision for development expenses as an ascertained liability, following the mercantile system of accounting. The Tribunal also removed the disallowance under Section 40A(3) for cash payments exceeding Rs. 20,000, considering exceptional circumstances and the authenticity of the transactions. en-us Fri, 28 Mar 2014 00:00:00 +0530 Thu, 23 Jun 2016 14:15:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183850 The Tribunal invalidated the reassessment proceedings for the assessment years 2005-06, 2007-08, and 2008-09, citing a lack of valid reasons and a mere change of opinion by the Assessing Officer. It upheld the provision for development expenses as an ascertained liability, following the mercantile system of accounting. The Tribunal also removed the disallowance under Section 40A(3) for cash payments exceeding Rs. 20,000, considering exceptional circumstances and the authenticity of the transactions. Case-Laws Income Tax Fri, 28 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183850