https://www.taxtmi.com/caselaws?id=280829 The appeals were allowed, and the reopening of assessments after four years was annulled due to absence of material facts necessary for reopening. Assessments based on mere change of opinion without tangible material were annulled. The assumption of jurisdiction under Section 263 was found unwarranted. Profit on sale of securities was treated as revenue. Expenses disallowed under Section 14A were partially allowed. Various disallowances were overturned, including broken period interest, fees paid to SEBI, filing fees for increasing authorized capital, advertisement expenses, excess bonus provision, bad debts deduction, provision for arrears of salary, and amortization charges. en-us Wed, 29 Apr 2015 00:00:00 +0530 Thu, 23 May 2019 06:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280829 The appeals were allowed, and the reopening of assessments after four years was annulled due to absence of material facts necessary for reopening. Assessments based on mere change of opinion without tangible material were annulled. The assumption of jurisdiction under Section 263 was found unwarranted. Profit on sale of securities was treated as revenue. Expenses disallowed under Section 14A were partially allowed. Various disallowances were overturned, including broken period interest, fees paid to SEBI, filing fees for increasing authorized capital, advertisement expenses, excess bonus provision, bad debts deduction, provision for arrears of salary, and amortization charges. Case-Laws Income Tax Wed, 29 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280829