https://www.taxtmi.com/highlights?id=71533 Validity of reopening of assessment u/s 147 - A copy of the audit objection reveals that because for the subsequent year, i.e., AY 2014- 15, the Department had not accepted assessee’s contention and added back the foreign exchange gain after treating it as revenue receipt, to take a consistent stand on the same issue, the Assessment has to be reopened. From this communication also, it is quiet clear that there has not been non-disclosure of any material fact but only change of opinion. - HC en-us Fri, 18 Aug 2023 08:47:09 +0530 Thu, 17 Aug 2023 23:00:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=71533 Validity of reopening of assessment u/s 147 - A copy of the audit objection reveals that because for the subsequent year, i.e., AY 2014- 15, the Department had not accepted assessee’s contention and added back the foreign exchange gain after treating it as revenue receipt, to take a consistent stand on the same issue, the Assessment has to be reopened. From this communication also, it is quiet clear that there has not been non-disclosure of any material fact but only change of opinion. - HC Highlights Income Tax Fri, 18 Aug 2023 08:47:09 +0530 https://www.taxtmi.com/highlights?id=71533