https://www.taxtmi.com/caselaws?id=448402 The HC dismissed a writ petition challenging reopening of assessment under Section 147. The petitioner claimed deductions for advertising/marketing expenses and loan processing charges. The court held that since no corresponding revenue was recognized, marketing expenses should be classified as work-in-progress rather than revenue expenditure. The Section 148 notice was issued within four years before income escaped assessment, making reopening valid. The court found no final tax liability determination in the impugned order and granted liberty to raise objections before the Assessing Officer during reassessment proceedings. en-us Wed, 03 Jan 2024 00:00:00 +0530 Wed, 23 Oct 2024 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448402 The HC dismissed a writ petition challenging reopening of assessment under Section 147. The petitioner claimed deductions for advertising/marketing expenses and loan processing charges. The court held that since no corresponding revenue was recognized, marketing expenses should be classified as work-in-progress rather than revenue expenditure. The Section 148 notice was issued within four years before income escaped assessment, making reopening valid. The court found no final tax liability determination in the impugned order and granted liberty to raise objections before the Assessing Officer during reassessment proceedings. Case-Laws Income Tax Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448402