https://www.taxtmi.com/caselaws?id=403971 The Tribunal upheld the validity of reopening the assessment under Section 147 of the Income Tax Act, as the reassessment was based on tangible materials not considered in the original assessment. However, the compensation received for termination of a manufacturing agreement was deemed a capital receipt, not taxable under Section 28(va)(a), as it pertained to loss of a source of income rather than non-compete fees. The Tribunal directed the deletion of the addition made by the Assessing Officer, following the decision in CIT vs. Parle Soft Drinks (Bangalore) P. Ltd. en-us Mon, 08 Feb 2021 00:00:00 +0530 Tue, 27 Apr 2021 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403971 The Tribunal upheld the validity of reopening the assessment under Section 147 of the Income Tax Act, as the reassessment was based on tangible materials not considered in the original assessment. However, the compensation received for termination of a manufacturing agreement was deemed a capital receipt, not taxable under Section 28(va)(a), as it pertained to loss of a source of income rather than non-compete fees. The Tribunal directed the deletion of the addition made by the Assessing Officer, following the decision in CIT vs. Parle Soft Drinks (Bangalore) P. Ltd. Case-Laws Income Tax Mon, 08 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403971