https://www.taxtmi.com/caselaws?id=407326 The ITAT upheld the CIT(A)'s decision to quash the reassessment order passed by the AO under section 147 of the Income Tax Act. The ITAT found that the AO had formed an opinion before the original assessment order, and the appellant had complied with requirements, thus not defaulting under section 147. The disallowed foreign exchange fluctuation loss and R&D expenses were reinstated in the income returned by the assessee, but the CIT(A) emphasized the recurring nature of expenses and lack of further evidence sought during the original assessment. The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s decision. en-us Thu, 22 Apr 2021 00:00:00 +0530 Fri, 07 May 2021 08:04:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407326 The ITAT upheld the CIT(A)'s decision to quash the reassessment order passed by the AO under section 147 of the Income Tax Act. The ITAT found that the AO had formed an opinion before the original assessment order, and the appellant had complied with requirements, thus not defaulting under section 147. The disallowed foreign exchange fluctuation loss and R&D expenses were reinstated in the income returned by the assessee, but the CIT(A) emphasized the recurring nature of expenses and lack of further evidence sought during the original assessment. The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s decision. Case-Laws Income Tax Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407326