Assessing Officer issued reassessment notice on basis of audit objection that assessee-company had wrongly claimed and was allowed deduction on account of Forex Gain on interest income which was not an allowable expense. On Writ the Court held that, since audit objection is merely an information reassessment order is bad in law. (AY. 2010-11)
ACIT v. FIS Global Business Solutions India (P.) Ltd. (2019) 102 taxmann.com 471 ( Delhi)(HC) Editorial: SLP of revenue is dismissed, ACIT v. FIS Global Business Solutions India (P.) Ltd. (2019) 262 Taxman 369 (SC)
S. 147 : Reassessment–Audit objection-Business expenditure–Forex gain-merely on the basis of audit objection–Reassessment is not valid [ S.37(1), 148]