Departmental Circular on reassessment u/s 147.

OFFICE OF THE COMMISSIONER OF INCOME TAX (JUDICIAL)

No. CIT (J)/HC.WP/2007-08/445 12th November 2007

All the Commissioners of Income-tax,

Mumbai.

Sir,

In the case of a pharmaceutical company, the Assessing Officer reopened the assessment under section 147 of the Income-tax on the basis of an audit objection that addition on account of deferred tax liability should have been made while calculating the took profits under section 115 JB of the Income-tax Act, 1961…..

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