Dismissing the appeal of the Revenue the Court held that there was no fresh material brought in by the Assessing Officer for reopening the assessment, the consumer initially and that the cost paid by the consumer shall be the property of the licensee and that similar benefit had been extended to the assessee for the assessment years 1992-93 and 2004-05. (AY.2007-08)
CIT v. Verdhman Textiles Ltd. (2023)456 ITR 427 /153 taxmann.com 141 (P&H)(HC)
S. 147 : Reassessment-Capital or revenue-Amount paid to electricity Board for bay lines allowed as revenue expenditure-No new material-Reassessment is not valid. [S. 37, 148, 260A]