https://www.taxtmi.com/caselaws?id=383042 ITAT held that assessment reopened u/s 147 must be computed on the basis of the return and applicable provisions, and directed the AO to compute income under sections 11 and 12 (not ss.28-44D). Exemption u/s 11 was allowed despite return filed in response to s.148; several AO additions for unsupported expenses (electricity, car insurance, work-in-progress, job work, depreciation) were confirmed for lack of evidence but were to be treated as application of income under s.11 rather than taxable income. Additions for alleged undisclosed FDs and unexplained cash deposits were deleted. Penalty and s.37 explanation-based disallowance were disallowed and capital expenditure held as application of income. en-us Fri, 28 Jun 2019 00:00:00 +0530 Mon, 06 Oct 2025 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383042 ITAT held that assessment reopened u/s 147 must be computed on the basis of the return and applicable provisions, and directed the AO to compute income under sections 11 and 12 (not ss.28-44D). Exemption u/s 11 was allowed despite return filed in response to s.148; several AO additions for unsupported expenses (electricity, car insurance, work-in-progress, job work, depreciation) were confirmed for lack of evidence but were to be treated as application of income under s.11 rather than taxable income. Additions for alleged undisclosed FDs and unexplained cash deposits were deleted. Penalty and s.37 explanation-based disallowance were disallowed and capital expenditure held as application of income. Case-Laws Income Tax Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383042