https://www.taxtmi.com/caselaws?id=793126 Reassessment under section 147 for the assessment year 1999-2000 was invalid because it was initiated after expiry of time and the record did not disclose a valid basis or proper reassessment compliance, including service of reasons and notice; the reassessment was therefore quashed. Provision for site restoration expenditure was allowable as an ascertainable liability under section 37(1) because the obligation arose from the production sharing contract and formed part of petroleum operations; the corresponding profit and loss account could not be disturbed beyond the limited adjustments permitted under section 115JA, so the Revenue's challenge on MAT treatment also failed. The assessee succeeded on both issues. en-us Tue, 02 Jun 2026 00:00:00 +0530 Tue, 09 Jun 2026 07:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793126 Reassessment under section 147 for the assessment year 1999-2000 was invalid because it was initiated after expiry of time and the record did not disclose a valid basis or proper reassessment compliance, including service of reasons and notice; the reassessment was therefore quashed. Provision for site restoration expenditure was allowable as an ascertainable liability under section 37(1) because the obligation arose from the production sharing contract and formed part of petroleum operations; the corresponding profit and loss account could not be disturbed beyond the limited adjustments permitted under section 115JA, so the Revenue's challenge on MAT treatment also failed. The assessee succeeded on both issues. Case-Laws Income Tax Tue, 02 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793126