https://www.taxtmi.com/caselaws?id=235162 The High Court dismissed the Revenue's appeals, ruling that reassessment under section 147 of the Income Tax Act was not justified as the assessee had correctly disclosed income and there was no falsity in the return. It was held that all material facts were disclosed initially, and there was no new information warranting reassessment. The Court emphasized the importance of full disclosure by the assessee and upheld the correct interpretation of section 115JB regarding the adjustment of unabsorbed depreciation. en-us Fri, 28 Jun 2013 00:00:00 +0530 Fri, 06 Dec 2013 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235162 The High Court dismissed the Revenue's appeals, ruling that reassessment under section 147 of the Income Tax Act was not justified as the assessee had correctly disclosed income and there was no falsity in the return. It was held that all material facts were disclosed initially, and there was no new information warranting reassessment. The Court emphasized the importance of full disclosure by the assessee and upheld the correct interpretation of section 115JB regarding the adjustment of unabsorbed depreciation. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235162