Monday 6 October 2014

No re-assessment if interest is set off against profits eligible for sec. 10A but declaration isn’t

IT : Assessing Officer having completed assessment under section 143(3), read with section 147, could not initiate reassessment proceedings merely on basis of change of opinion that in absence of declaration under section 10A(8), amount of set off against interest receipts was to be brought to tax as 'income from other sources


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