2012 (12) TMI 420

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....E. Dastur, Sr Adv with Vinay Sheth JUDGEMENT 1. These two appeals relate to the assessment years 1989-90 and 1998-99 respectively. 2. The basic question raised in these two appeals is, whether the ITAT was justified in holding that the reopening of the assessment beyond four years from the end of the relevant assessment years were bad in law. If the answer to the above question is in the ....

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....mployees drawn from such member companies which is no doubt assessable in the hands of the respective personnel under the head "Salary". Section 40(a) (iii) of the I.T. Act, 1961 provides that any payment which is chargeable under the head "Salary" if it is payable outside and if tax has not been paid thereon nor deducted at source under Chapter XVII-B that amount shall not be deducted in computin....

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....e absence of any failure on the part of the assessee to furnish all material facts, the reopening of the assessment beyond four years from the end of the relevant assessment year does not appear to be proper. The CIT(A) further held that even on merits making disallowance under Section 40(a)(iii) of the Act was not justified. Being aggrieved by the aforesaid order, the revenue filed appeals but th....