https://www.taxtmi.com/caselaws?id=121836 The Tribunal quashed the assessments for the years 1994-95, 1995-96, and 1996-97, as the notices u/s 148 were issued without jurisdiction. The re-opening of assessments based on the bifurcation of interest expenses was deemed invalid due to lack of new facts or changes in law. The Assessing Officer was found to lack jurisdiction as there was no valid reason to believe income had escaped assessment. Consequently, the appeals for all assessment years were allowed, and the other grounds raised by the assessee were not addressed. en-us Thu, 23 Oct 2008 00:00:00 +0530 Mon, 06 Aug 2012 16:12:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121836 The Tribunal quashed the assessments for the years 1994-95, 1995-96, and 1996-97, as the notices u/s 148 were issued without jurisdiction. The re-opening of assessments based on the bifurcation of interest expenses was deemed invalid due to lack of new facts or changes in law. The Assessing Officer was found to lack jurisdiction as there was no valid reason to believe income had escaped assessment. Consequently, the appeals for all assessment years were allowed, and the other grounds raised by the assessee were not addressed. Case-Laws Income Tax Thu, 23 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121836