Wednesday 1 October 2014

No reassessment to tax forfeited business advance if it was treated as capital receipts in original

IT: Where Assessing Officer completed assessment under section 143(3) accepting assessee's claim that amount forfeited representing non-refundable advance received from foreign company was capital receipt, he was not justified in initiating reassessment proceedings merely on basis of change of opinion that amount in question represented revenue receipts and, thus, liable to tax


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