https://www.taxtmi.com/caselaws?id=343854 The tribunal upheld the validity of the reassessment proceedings under Section 147 of the Income Tax Act, ruling that the Assessing Officer had sufficient grounds to believe income had escaped assessment. Additionally, the tribunal determined that the compensation received on contract cancellation was a revenue receipt, taxable in the relevant assessment year. The appeal of the assessee was dismissed, affirming the reassessment and tax treatment of the compensation as revenue. en-us Mon, 29 May 2017 00:00:00 +0530 Sat, 03 Jun 2017 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343854 The tribunal upheld the validity of the reassessment proceedings under Section 147 of the Income Tax Act, ruling that the Assessing Officer had sufficient grounds to believe income had escaped assessment. Additionally, the tribunal determined that the compensation received on contract cancellation was a revenue receipt, taxable in the relevant assessment year. The appeal of the assessee was dismissed, affirming the reassessment and tax treatment of the compensation as revenue. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343854