https://www.taxtmi.com/caselaws?id=278729 The High Court ruled in favor of the petitioner, a pharmaceutical products trading company, in a case challenging the notice for reopening the assessment for the year 2010-2011. The Court found that the Assessing Officer did not have sufficient grounds to reopen the assessment beyond four years as required by Section 147 of the Income Tax Act. Consequently, the Court allowed the petition and quashed the notice dated 30.03.2017 based on discrepancies in marketing expenses paid in foreign currency. en-us Wed, 21 Feb 2018 00:00:00 +0530 Tue, 19 Feb 2019 07:25:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278729 The High Court ruled in favor of the petitioner, a pharmaceutical products trading company, in a case challenging the notice for reopening the assessment for the year 2010-2011. The Court found that the Assessing Officer did not have sufficient grounds to reopen the assessment beyond four years as required by Section 147 of the Income Tax Act. Consequently, the Court allowed the petition and quashed the notice dated 30.03.2017 based on discrepancies in marketing expenses paid in foreign currency. Case-Laws Income Tax Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278729