https://www.taxtmi.com/caselaws?id=336600 The Tribunal ruled in favor of the assessee, invalidating the reopening of the assessment under sections 147 and 148 of the Income Tax Act. It held that the reassessment was based on a change of opinion without new material, rendering it impermissible. Additionally, the Tribunal determined that interest income from fixed deposits should be considered for deduction under section 10A and dismissed the revenue's appeal regarding the deduction of out-of-pocket expenses from export turnover. The Tribunal also dismissed the assessee's cross-objection related to out-of-pocket expenses, deeming it infructuous due to the invalidation of the reopening. en-us Thu, 27 Oct 2016 00:00:00 +0530 Thu, 29 Dec 2016 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336600 The Tribunal ruled in favor of the assessee, invalidating the reopening of the assessment under sections 147 and 148 of the Income Tax Act. It held that the reassessment was based on a change of opinion without new material, rendering it impermissible. Additionally, the Tribunal determined that interest income from fixed deposits should be considered for deduction under section 10A and dismissed the revenue's appeal regarding the deduction of out-of-pocket expenses from export turnover. The Tribunal also dismissed the assessee's cross-objection related to out-of-pocket expenses, deeming it infructuous due to the invalidation of the reopening. Case-Laws Income Tax Thu, 27 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336600