[aaykarbhavan] No reassessment to limit sec. 36(1)(viii) deduction if all facts were truly disclosed during assessment

No reassessment to limit sec. 36(1)(viii) deduction if all facts were truly disclosed during assessment

June 27, 2014[2014] 45 taxmann.com 465 (Bombay)

IT-I : Where Assessing Officer completed assessment under section 143(3) allowing assessee's claim for deduction raised under section 36(1)(viii), since there was no failure on part of assessee to disclose fully and truly all material facts at time of assessment, reassessment proceedings could not be initiated after expiry of four years from end of relevant assessment year taking a view that assessee had raised excessive claim of deduction

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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