https://www.taxtmi.com/caselaws?id=24615 The High Court ruled in favor of the assessee in a case involving reassessment under section 147(b) of the Income-tax Act, 1961 for the assessment year 1959-60. The Court held that the initiation of proceedings under section 147 would lack jurisdiction if the expenditure for loom hours was on revenue account. The deductibility of the sum paid for the purchase of loom hours as revenue expenditure was upheld, leading to the annulment of the reassessment. The judgment favored the assessee based on the Supreme Court precedent, resolving the matter without addressing the validity of the reassessment proceedings. en-us Mon, 13 Jun 1988 00:00:00 +0530 Thu, 21 Jan 2010 12:29:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24615 The High Court ruled in favor of the assessee in a case involving reassessment under section 147(b) of the Income-tax Act, 1961 for the assessment year 1959-60. The Court held that the initiation of proceedings under section 147 would lack jurisdiction if the expenditure for loom hours was on revenue account. The deductibility of the sum paid for the purchase of loom hours as revenue expenditure was upheld, leading to the annulment of the reassessment. The judgment favored the assessee based on the Supreme Court precedent, resolving the matter without addressing the validity of the reassessment proceedings. Case-Laws Income Tax Mon, 13 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24615