https://www.taxtmi.com/caselaws?id=308771 The Tribunal upheld the re-opening of assessment under section 147 of the IT Act for the Assessment Year 2008-09 due to discrepancies in the claim of deduction under section 36(i)(vii)(a). It ruled in favor of the tax authority, allowing the reassessment based on factual errors identified by the audit party. The Tribunal emphasized the independence of income tax proceedings each year and restricted deductions to expenses debited in the relevant assessment year. The appeal was dismissed, affirming the disallowance of excess deduction claimed for bad and doubtful debts provisions. en-us Wed, 07 Jun 2017 00:00:00 +0530 Thu, 20 Jul 2023 20:35:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308771 The Tribunal upheld the re-opening of assessment under section 147 of the IT Act for the Assessment Year 2008-09 due to discrepancies in the claim of deduction under section 36(i)(vii)(a). It ruled in favor of the tax authority, allowing the reassessment based on factual errors identified by the audit party. The Tribunal emphasized the independence of income tax proceedings each year and restricted deductions to expenses debited in the relevant assessment year. The appeal was dismissed, affirming the disallowance of excess deduction claimed for bad and doubtful debts provisions. Case-Laws Income Tax Wed, 07 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308771