https://www.taxtmi.com/caselaws?id=459860 The ITAT Jodhpur upheld the AO's reopening of assessment under section 147, finding valid reasons to believe existed. The tribunal rejected the assessee's challenge that assessment was framed against a non-existing entity following bank merger, relying on coordinate bench precedent. However, the tribunal confirmed CIT(A)'s deletion of disallowance regarding provision for wage revision, holding that liability creation was justified as wage revision effective date was known and negotiations were ongoing, with payments made in subsequent financial year. Department's appeal was dismissed. en-us Fri, 10 Nov 2023 00:00:00 +0530 Tue, 31 Dec 2024 23:47:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459860 The ITAT Jodhpur upheld the AO's reopening of assessment under section 147, finding valid reasons to believe existed. The tribunal rejected the assessee's challenge that assessment was framed against a non-existing entity following bank merger, relying on coordinate bench precedent. However, the tribunal confirmed CIT(A)'s deletion of disallowance regarding provision for wage revision, holding that liability creation was justified as wage revision effective date was known and negotiations were ongoing, with payments made in subsequent financial year. Department's appeal was dismissed. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459860