S. 147 : Reassessment-Change of opinion- Business expenditure- Vacancy allowance-Expenditures for maintaining skilled staff for keeping machinery intact, minimum amounts to be paid for retaining electricity connection and so on during such period so as to keep machinery ready for use and assessee also commenced it manufacturing activities in subsequent year- Reassessment is held to be not valid-Vacancy allowance which was not claimed in the original assessment proceedings cannot be claimed in reassessment proceedings. [S. 22, 23, 37(1)]
CIT v. Punalur Paper Mills Ltd. (2020) 268 Taxman 47 (Ker.)(HC)