https://www.taxtmi.com/caselaws?id=63532 The Tribunal upheld the validity of the proceedings under Section 147, stating that the assessee had not fully disclosed facts, justifying the assessment reopening. Regarding the assessment of income from the house property, the Tribunal considered the value of complimentary air tickets provided by Air India, ultimately directing that a discounted value of Rs. 24,000 be added to the actual rent received to determine the annual letting value of the property. The dissenting opinion that the full value of the tickets should be added was not accepted, and the discounted value approach was deemed more appropriate. The matter was referred back for a decision in line with the majority opinion. en-us Tue, 20 Jul 1993 00:00:00 +0530 Mon, 31 Jan 2011 15:21:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63532 The Tribunal upheld the validity of the proceedings under Section 147, stating that the assessee had not fully disclosed facts, justifying the assessment reopening. Regarding the assessment of income from the house property, the Tribunal considered the value of complimentary air tickets provided by Air India, ultimately directing that a discounted value of Rs. 24,000 be added to the actual rent received to determine the annual letting value of the property. The dissenting opinion that the full value of the tickets should be added was not accepted, and the discounted value approach was deemed more appropriate. The matter was referred back for a decision in line with the majority opinion. Case-Laws Income Tax Tue, 20 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63532