https://www.taxtmi.com/caselaws?id=71435 The Tribunal held that the reassessment under Section 147 was not justified as there was no failure to disclose material facts for the assessment year. The additions made to the total income were deemed unjustified, including the addition of Rs. 10,79,845 as the value of closing stock. The levy of interest under sections 139 and 217 was dismissed. Additionally, the deletion of Rs. 3,00,000 on account of the value of shops and the disallowance of Rs. 20,000 as brokerage were upheld. The departmental appeal was dismissed, affirming the decisions in favor of the assessee. en-us Fri, 27 Sep 1991 00:00:00 +0530 Sat, 23 Apr 2011 14:30:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71435 The Tribunal held that the reassessment under Section 147 was not justified as there was no failure to disclose material facts for the assessment year. The additions made to the total income were deemed unjustified, including the addition of Rs. 10,79,845 as the value of closing stock. The levy of interest under sections 139 and 217 was dismissed. Additionally, the deletion of Rs. 3,00,000 on account of the value of shops and the disallowance of Rs. 20,000 as brokerage were upheld. The departmental appeal was dismissed, affirming the decisions in favor of the assessee. Case-Laws Income Tax Fri, 27 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71435