https://www.taxtmi.com/caselaws?id=55381 Reassessment under Section 147(b) was upheld because the record showed escapement of income and sufficient material to justify reopening, so the assessee's challenge failed. Bank guarantee commission was treated as revenue expenditure because the machinery had already passed to the assessee, instalments were facilitated through bank discounting of usance bills, and the commission was incurred for financial accommodation in the ordinary course of business rather than as part of the acquisition cost of the asset. The reassessment was sustained, but the disallowance of bank guarantee commission was deleted, leaving the appeal partly allowed. en-us Thu, 11 Sep 1980 00:00:00 +0530 Fri, 26 Nov 2010 17:13:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55381 Reassessment under Section 147(b) was upheld because the record showed escapement of income and sufficient material to justify reopening, so the assessee's challenge failed. Bank guarantee commission was treated as revenue expenditure because the machinery had already passed to the assessee, instalments were facilitated through bank discounting of usance bills, and the commission was incurred for financial accommodation in the ordinary course of business rather than as part of the acquisition cost of the asset. The reassessment was sustained, but the disallowance of bank guarantee commission was deleted, leaving the appeal partly allowed. Case-Laws Income Tax Thu, 11 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55381