https://www.taxtmi.com/caselaws?id=69068 The Tribunal allowed the appeal, setting aside the reassessment under section 147(b) as it was not justified in law and on facts. The reassessment disallowing the interest payment of Rs. 81,653 was canceled. The Tribunal held that the audit party's interpretation of law was unwarranted, emphasizing that the reassessment based on the audit's legal interpretation was not justified. The Tribunal referred to the Supreme Court's judgment, stating that an error discovered from the same material does not justify reassessment. en-us Fri, 06 Aug 1993 00:00:00 +0530 Tue, 05 Apr 2011 10:11:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69068 The Tribunal allowed the appeal, setting aside the reassessment under section 147(b) as it was not justified in law and on facts. The reassessment disallowing the interest payment of Rs. 81,653 was canceled. The Tribunal held that the audit party's interpretation of law was unwarranted, emphasizing that the reassessment based on the audit's legal interpretation was not justified. The Tribunal referred to the Supreme Court's judgment, stating that an error discovered from the same material does not justify reassessment. Case-Laws Income Tax Fri, 06 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69068