https://www.taxtmi.com/caselaws?id=215707 The Appellate Tribunal ruled in favor of the assessee on both issues. The reassessment was deemed invalid as there was no failure to disclose material facts, and the disallowance of interest expenses was overturned. The Tribunal emphasized that reassessment beyond four years must be supported by clear evidence of income escaping assessment, not merely a change of opinion. The Tribunal allowed the interest deduction, stating that borrowed funds used for business purposes should qualify for deduction under the Income Tax Act, citing relevant case law. en-us Fri, 15 Jun 2012 00:00:00 +0530 Wed, 08 Aug 2012 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215707 The Appellate Tribunal ruled in favor of the assessee on both issues. The reassessment was deemed invalid as there was no failure to disclose material facts, and the disallowance of interest expenses was overturned. The Tribunal emphasized that reassessment beyond four years must be supported by clear evidence of income escaping assessment, not merely a change of opinion. The Tribunal allowed the interest deduction, stating that borrowed funds used for business purposes should qualify for deduction under the Income Tax Act, citing relevant case law. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215707