No Tangible Material for AO to have ‘reason to believe’ for Escapement of Income: Bombay HC quashes Re-Assessment Notice [Read Order]

Tangible material - AO - Escapement of Income - Escapement of Income - Income - Bombay High Court - Re-Assessment Notice - Re-Assessment - taxscan

The Bombay High Court quashed re assessment notice on the ground that no tangible material for Assessing Officer (AO) to have ‘reason to believe’ for escapement of income. A return of income was fled for the assessment year 2008-09 in which the Petitioner, Abott India Limited, claimed Rs.48 crores as expenditure on gifts as a…

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