https://www.taxtmi.com/caselaws?id=425309 The Tribunal quashed the reopening of assessments for AY 2009-10 and 2010-11 under Section 147 of the Income Tax Act, ruling that the reasons lacked new tangible material, thus disallowing the AO's appeals and allowing the assessee's cross-objections. Additionally, the Tribunal upheld the weighted deduction claimed under Section 35(2AB) for R&D expenditure, following the assessee's method of deduction without reducing contract research income, preventing double taxation. The judgments emphasized the need for fresh material in reopening assessments and supported the correct method of claiming deductions, resulting in a favorable outcome for the assessee. en-us Mon, 18 Jul 2022 00:00:00 +0530 Wed, 20 Jul 2022 09:24:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425309 The Tribunal quashed the reopening of assessments for AY 2009-10 and 2010-11 under Section 147 of the Income Tax Act, ruling that the reasons lacked new tangible material, thus disallowing the AO's appeals and allowing the assessee's cross-objections. Additionally, the Tribunal upheld the weighted deduction claimed under Section 35(2AB) for R&D expenditure, following the assessee's method of deduction without reducing contract research income, preventing double taxation. The judgments emphasized the need for fresh material in reopening assessments and supported the correct method of claiming deductions, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Mon, 18 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425309