https://www.taxtmi.com/caselaws?id=235287 The Tribunal upheld the validity of reassessment proceedings under Section 147 of the Income Tax Act, deeming the initiation justified due to the escapement of income. It also upheld the disallowance of deduction under Section 80GGA, as the assessee's loss under "income from business or profession" rendered them ineligible. However, the Tribunal dismissed the alternative claim for deduction under Section 35AC, stating reassessment cannot reconsider the entire assessment. Additionally, the Tribunal directed the deletion of interest levied under Section 234D, following the definition of "regular assessment" and relevant case law. en-us Fri, 10 May 2013 00:00:00 +0530 Fri, 01 Apr 2016 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235287 The Tribunal upheld the validity of reassessment proceedings under Section 147 of the Income Tax Act, deeming the initiation justified due to the escapement of income. It also upheld the disallowance of deduction under Section 80GGA, as the assessee's loss under "income from business or profession" rendered them ineligible. However, the Tribunal dismissed the alternative claim for deduction under Section 35AC, stating reassessment cannot reconsider the entire assessment. Additionally, the Tribunal directed the deletion of interest levied under Section 234D, following the definition of "regular assessment" and relevant case law. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235287