https://www.taxtmi.com/caselaws?id=151651 The reassessment proceedings initiated by the Assessing Officer were found to be invalid due to lack of failure on the part of the assessee to disclose material facts fully and truly. The disallowance of exemptions for cricketing income and award money was canceled for invalid initiation, with the assessee being entitled to exemption for award money. The addition of deemed dividend under section 2(22)(e) was upheld but restricted to the extent of accumulated profits. The disallowance of depreciation on a camera was overturned, allowing the depreciation claim. The appeal for the assessment year 1996-97 was dismissed, while the appeal for 1997-98 was allowed, and the appeal for 1998-99 was partly allowed. en-us Fri, 25 Jul 2008 00:00:00 +0530 Tue, 02 Aug 2016 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151651 The reassessment proceedings initiated by the Assessing Officer were found to be invalid due to lack of failure on the part of the assessee to disclose material facts fully and truly. The disallowance of exemptions for cricketing income and award money was canceled for invalid initiation, with the assessee being entitled to exemption for award money. The addition of deemed dividend under section 2(22)(e) was upheld but restricted to the extent of accumulated profits. The disallowance of depreciation on a camera was overturned, allowing the depreciation claim. The appeal for the assessment year 1996-97 was dismissed, while the appeal for 1997-98 was allowed, and the appeal for 1998-99 was partly allowed. Case-Laws Income Tax Fri, 25 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151651