https://www.taxtmi.com/caselaws?id=440759 The reassessment proceedings initiated under section 148 of the Income Tax Act were deemed void ab initio as they did not meet the prescribed conditions, resulting in the assessee's appeal being allowed and the Revenue's appeal being dismissed. Disallowances of rebate and discounts, expenditure in foreign currency, and additional depreciation were found unjustified, leading to the allowance of the assessee's appeals. However, disallowances on 'know-how' and professional charges and 'prior period expenditure' were upheld, with the Revenue's appeal being dismissed regarding the deletion of addition under section 41(1) of the Act due to failure to meet necessary conditions. en-us Wed, 01 Mar 2023 00:00:00 +0530 Wed, 26 Jul 2023 08:18:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440759 The reassessment proceedings initiated under section 148 of the Income Tax Act were deemed void ab initio as they did not meet the prescribed conditions, resulting in the assessee's appeal being allowed and the Revenue's appeal being dismissed. Disallowances of rebate and discounts, expenditure in foreign currency, and additional depreciation were found unjustified, leading to the allowance of the assessee's appeals. However, disallowances on 'know-how' and professional charges and 'prior period expenditure' were upheld, with the Revenue's appeal being dismissed regarding the deletion of addition under section 41(1) of the Act due to failure to meet necessary conditions. Case-Laws Income Tax Wed, 01 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440759