Reopening of assessment u/s 147 - retention money for the ...

Case Laws Income Tax

October 6, 2021

Reopening of assessment u/s 147 - retention money for the completed projects - As pointed out that the assessee has been consistently following the same method of accounting for the last twenty five (25) years and there is no change in the method of accounting is warranted on a continuing job. Thus, it is clear that the Assessing Officer seeks to review the decision taken by its predecessor in office under the guise of exercise of power under Section 147/148, which is impermissible under law. - HC

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Reopening of assessment u/s 147 - retention money for the ...

Case Laws Income Tax

October 6, 2021

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