https://www.taxtmi.com/caselaws?id=387170 The appeal challenging the initiation of reassessment proceedings was dismissed. Regarding the taxability of duty drawback, the Tribunal remanded the issue back for de novo assessment as the AO did not verify the accrual of duty drawback. Similarly, the addition of provision for disputed claims to book profit was sent back to the AO for proper verification as the nature of these provisions was not analyzed. The appeal was partly allowed for statistical purposes, with both issues being remanded back to the AO for reevaluation in accordance with legal principles. en-us Tue, 20 Aug 2019 00:00:00 +0530 Fri, 18 Oct 2019 07:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387170 The appeal challenging the initiation of reassessment proceedings was dismissed. Regarding the taxability of duty drawback, the Tribunal remanded the issue back for de novo assessment as the AO did not verify the accrual of duty drawback. Similarly, the addition of provision for disputed claims to book profit was sent back to the AO for proper verification as the nature of these provisions was not analyzed. The appeal was partly allowed for statistical purposes, with both issues being remanded back to the AO for reevaluation in accordance with legal principles. Case-Laws Income Tax Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387170