https://www.taxtmi.com/caselaws?id=471701 Reassessment under Sections 147 and 148 cannot sustain independent additions where no addition is made on the income forming the recorded basis for reopening; a fresh notice is required for other income. Trading losses reported as business income remain allowable where trade-wise and scrip-wise details support the transactions and no material establishes accommodation entries. Corporate club membership fees incurred to facilitate business meetings, relationships and contacts are deductible where no evidence shows directors' personal benefit. Stock-exchange charges incurred in the ordinary course of business, including those arising from operational deficiencies or regulatory breaches, are not barred by the Explanation to Section 37(1) unless paid for an offence or an act prohibited by law. en-us Mon, 26 Feb 2024 00:00:00 +0530 Tue, 15 Sep 2026 12:28:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471701 Reassessment under Sections 147 and 148 cannot sustain independent additions where no addition is made on the income forming the recorded basis for reopening; a fresh notice is required for other income. Trading losses reported as business income remain allowable where trade-wise and scrip-wise details support the transactions and no material establishes accommodation entries. Corporate club membership fees incurred to facilitate business meetings, relationships and contacts are deductible where no evidence shows directors' personal benefit. Stock-exchange charges incurred in the ordinary course of business, including those arising from operational deficiencies or regulatory breaches, are not barred by the Explanation to Section 37(1) unless paid for an offence or an act prohibited by law. Case-Laws Income Tax Mon, 26 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471701