https://www.taxtmi.com/highlights?id=74513 Reopening of assessment - prior period of expenses - mercantile system of accounting - The petitioner argued that the reliance on the assessment order for AY 2010-2011 was unjustified since the Commissioner of Income Tax (Appeals) [CIT(A)] later allowed the prior period expenses for that year, and the Revenue accepted the CIT(A)'s order. The Income Tax Appellate Tribunal (ITAT) also upheld this position in a similar case. - The High court agreed with the petitioner and quashed the reassessment proceedings. en-us Wed, 31 Jan 2024 08:26:57 +0530 Wed, 31 Jan 2024 08:26:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74513 Reopening of assessment - prior period of expenses - mercantile system of accounting - The petitioner argued that the reliance on the assessment order for AY 2010-2011 was unjustified since the Commissioner of Income Tax (Appeals) [CIT(A)] later allowed the prior period expenses for that year, and the Revenue accepted the CIT(A)'s order. The Income Tax Appellate Tribunal (ITAT) also upheld this position in a similar case. - The High court agreed with the petitioner and quashed the reassessment proceedings. Highlights Income Tax Wed, 31 Jan 2024 08:26:57 +0530 https://www.taxtmi.com/highlights?id=74513