https://www.taxtmi.com/caselaws?id=404307 The court allowed the Writ Petition challenging the order rejecting objections to re-assessing income for A.Y. 2012-13 under the Income Tax Act, 1961. The court held that there was no need for re-assessment regarding income from stem cell storage and tax on Provident Fund/ESI contributions due to previous resolutions. The consistent accounting method for processing fee recognition was accepted, and the deduction under Section 35(2AB) was deemed valid with the necessary Form 3 CM on record. The omission of refund in regular assessment did not warrant re-assessment. The judgment emphasized the importance of full disclosure by the assessee and accurate assessments by the Assessing Authorities. en-us Mon, 25 Jan 2021 00:00:00 +0530 Sat, 20 Feb 2021 09:08:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404307 The court allowed the Writ Petition challenging the order rejecting objections to re-assessing income for A.Y. 2012-13 under the Income Tax Act, 1961. The court held that there was no need for re-assessment regarding income from stem cell storage and tax on Provident Fund/ESI contributions due to previous resolutions. The consistent accounting method for processing fee recognition was accepted, and the deduction under Section 35(2AB) was deemed valid with the necessary Form 3 CM on record. The omission of refund in regular assessment did not warrant re-assessment. The judgment emphasized the importance of full disclosure by the assessee and accurate assessments by the Assessing Authorities. Case-Laws Income Tax Mon, 25 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404307