https://www.taxtmi.com/caselaws?id=393360 The High Court of Madras disposed of the Tax Case Appeals by remanding the matter to the Assessing Officer for fresh consideration and adjudication in accordance with the law. The Court considered the applicability of judicial precedents, particularly the principle that income from Capital Gain of a transaction that did not materialize should not be taxed. The Court upheld the ITAT's findings regarding the reopening of assessment under Section 147 of the Income Tax Act due to non-disclosure of Capital Gain, emphasizing that the income chargeable to tax had escaped assessment. The issue of disallowance of expenditure towards brand promotion and advertisement was not pressed during the proceedings. en-us Tue, 03 Mar 2020 00:00:00 +0530 Mon, 27 Jul 2020 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393360 The High Court of Madras disposed of the Tax Case Appeals by remanding the matter to the Assessing Officer for fresh consideration and adjudication in accordance with the law. The Court considered the applicability of judicial precedents, particularly the principle that income from Capital Gain of a transaction that did not materialize should not be taxed. The Court upheld the ITAT's findings regarding the reopening of assessment under Section 147 of the Income Tax Act due to non-disclosure of Capital Gain, emphasizing that the income chargeable to tax had escaped assessment. The issue of disallowance of expenditure towards brand promotion and advertisement was not pressed during the proceedings. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393360