https://www.taxtmi.com/caselaws?id=241757 Reassessment under Section 148 was upheld where the original Section 143(1) processing did not reflect full disclosure of the basis for the interest claim, so the reopening was treated as escapement of income rather than a mere change of opinion. In computing income from house property, the deduction for interest on borrowed capital was held to cover only simple interest; compound interest or interest on interest did not fall within the deduction provision and was disallowed. The substantial questions were answered in favour of the Revenue. en-us Sat, 21 Dec 2013 00:00:00 +0530 Tue, 31 Dec 2013 10:13:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241757 Reassessment under Section 148 was upheld where the original Section 143(1) processing did not reflect full disclosure of the basis for the interest claim, so the reopening was treated as escapement of income rather than a mere change of opinion. In computing income from house property, the deduction for interest on borrowed capital was held to cover only simple interest; compound interest or interest on interest did not fall within the deduction provision and was disallowed. The substantial questions were answered in favour of the Revenue. Case-Laws Income Tax Sat, 21 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241757