https://www.taxtmi.com/highlights?id=62647 Reassessment proceedings u/s. 147/148 - assessee company has not disclosed its income fully and truly - A perusal of the reasons recorded for reopening assessment shows that the entire exercise has been done by the Assessing Officer on the basis of assessment of GBN for AY 2007-08 wherein an amount on account of royalty paid to the assessee was found. The amount accrued by the payer in its books has no relevance as it is a trite law that payment may be treated differently in the books of payer and the payee. - AT en-us Tue, 29 Mar 2022 08:36:03 +0530 Tue, 29 Mar 2022 08:36:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62647 Reassessment proceedings u/s. 147/148 - assessee company has not disclosed its income fully and truly - A perusal of the reasons recorded for reopening assessment shows that the entire exercise has been done by the Assessing Officer on the basis of assessment of GBN for AY 2007-08 wherein an amount on account of royalty paid to the assessee was found. The amount accrued by the payer in its books has no relevance as it is a trite law that payment may be treated differently in the books of payer and the payee. - AT Highlights Income Tax Tue, 29 Mar 2022 08:36:03 +0530 https://www.taxtmi.com/highlights?id=62647