https://www.taxtmi.com/caselaws?id=357087 The Tribunal upheld the Assessing Officer's jurisdiction to reopen the assessment under Section 147, citing reasonable grounds for income escaping assessment. It allowed deductions for Legal & Professional Expenses under Section 32(1)(ii) and Fees & Subscription under Section 37(1) as necessary business expenses. The classification of deferred revenue expenditure was disallowed, emphasizing the absence of such a concept in the Income Tax Act. Sales Promotion Expenses were disallowed, while higher depreciation on UPS and battery was allowed. Contributions to PF and ESI were upheld if paid before the return due date. The excess provision for FBT deletion was confirmed. The Tribunal's decision was a mixed outcome, considering legal precedents and specific case facts. en-us Wed, 14 Mar 2018 00:00:00 +0530 Sat, 17 Mar 2018 08:02:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357087 The Tribunal upheld the Assessing Officer's jurisdiction to reopen the assessment under Section 147, citing reasonable grounds for income escaping assessment. It allowed deductions for Legal & Professional Expenses under Section 32(1)(ii) and Fees & Subscription under Section 37(1) as necessary business expenses. The classification of deferred revenue expenditure was disallowed, emphasizing the absence of such a concept in the Income Tax Act. Sales Promotion Expenses were disallowed, while higher depreciation on UPS and battery was allowed. Contributions to PF and ESI were upheld if paid before the return due date. The excess provision for FBT deletion was confirmed. The Tribunal's decision was a mixed outcome, considering legal precedents and specific case facts. Case-Laws Income Tax Wed, 14 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357087