Tuesday, 19 August 2014

Re-assessment affirmed as commission paid to foreign agent was included in cost of asset to escape T

IT/ILT: Where commission paid to foreign party was not shown separately but added to cost of purchase to avoid TDS liability, there had been less than full and true disclosure of all material facts during assessment proceedings and, therefore, reopening of assessment even after four years from end of relevant assessment year was justified in law


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