https://www.taxtmi.com/caselaws?id=405081 The Tribunal ruled in favor of the assessee, invalidating the reopening of the assessment beyond four years under Section 147 of the Income Tax Act. The Tribunal emphasized that the reasons for reopening were not based on new material but on information already available during the original assessment. Consequently, the Tribunal quashed the reopening notice and the consequential assessment order. The issues regarding the disallowance of expenses under breakages and damages and arrack rentals were not addressed on merits due to the invalidation of the reopening. en-us Mon, 08 Mar 2021 00:00:00 +0530 Thu, 11 Mar 2021 09:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405081 The Tribunal ruled in favor of the assessee, invalidating the reopening of the assessment beyond four years under Section 147 of the Income Tax Act. The Tribunal emphasized that the reasons for reopening were not based on new material but on information already available during the original assessment. Consequently, the Tribunal quashed the reopening notice and the consequential assessment order. The issues regarding the disallowance of expenses under breakages and damages and arrack rentals were not addressed on merits due to the invalidation of the reopening. Case-Laws Income Tax Mon, 08 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405081