Wednesday, 18 March 2015

No reassessment to disallow sec. 33AC relief due to change of opinion that shipping wasn't main busi

IT : Where Assessing Officer allowed assessee's claim for deduction under section 33AC while completing assessment under section 143(3), he could not subsequently initiate reassessment proceedings merely on basis of change of opinion that assessee's main business was not operation of ships and, thus, deduction was wrongly allowed


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