https://www.taxtmi.com/caselaws?id=330309 The Tribunal upheld the reopening of assessment under section 147 of the Act for the assessment year 2008-09, emphasizing the need for tangible material indicating income escapement. It rejected the assessee's argument of the reopening being a change of opinion. Regarding the treatment of expenditure on tools as capital expenditure, the Tribunal allowed the expenditure as revenue expenditure, aligning with Accounting Standards and impacting income computation. One appeal was partly allowed, and the other was fully allowed, stressing compliance with Accounting Standards and distinguishing between revenue and capital expenditures. en-us Fri, 15 Jul 2016 00:00:00 +0530 Fri, 22 Jul 2016 14:06:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330309 The Tribunal upheld the reopening of assessment under section 147 of the Act for the assessment year 2008-09, emphasizing the need for tangible material indicating income escapement. It rejected the assessee's argument of the reopening being a change of opinion. Regarding the treatment of expenditure on tools as capital expenditure, the Tribunal allowed the expenditure as revenue expenditure, aligning with Accounting Standards and impacting income computation. One appeal was partly allowed, and the other was fully allowed, stressing compliance with Accounting Standards and distinguishing between revenue and capital expenditures. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330309