https://www.taxtmi.com/highlights?id=70674 Reopening of assessment u/s 147 - reason to believe - Claim of deduction on account of payment made to settle a class action suit - AO observed the same as in the nature of penalty and proposed to disallow u/s 37(1) - A.O. had no reason to believe that the payment made towards settlement of the class action suit was a payment towards a penalty imposed and on that account we hold that there was no reason for the A.O. to believe that income had escaped assessment. - HC en-us Fri, 30 Jun 2023 10:55:24 +0530 Fri, 30 Jun 2023 10:55:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=70674 Reopening of assessment u/s 147 - reason to believe - Claim of deduction on account of payment made to settle a class action suit - AO observed the same as in the nature of penalty and proposed to disallow u/s 37(1) - A.O. had no reason to believe that the payment made towards settlement of the class action suit was a payment towards a penalty imposed and on that account we hold that there was no reason for the A.O. to believe that income had escaped assessment. - HC Highlights Income Tax Fri, 30 Jun 2023 10:55:24 +0530 https://www.taxtmi.com/highlights?id=70674