https://www.taxtmi.com/caselaws?id=253879 ITAT Chandigarh upheld reassessment under sections 147 and 148 because the assessee had not fully and properly disclosed the material facts relating to diversion of funds, so the reopening was not barred by the proviso to section 147. Interest attributable to borrowed funds used for fixed assets or capital work-in-progress before put to use was disallowable in principle, but the flat-rate computation was rejected and the matter was remitted for pro rata recomputation on a day-product basis after verification. Depreciation on assets at the Baddi unit was allowed because temporary non-operation did not by itself disentitle the assessee where the assets remained part of the block and available for use. en-us Thu, 24 Jul 2014 00:00:00 +0530 Sat, 06 Dec 2014 06:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253879 ITAT Chandigarh upheld reassessment under sections 147 and 148 because the assessee had not fully and properly disclosed the material facts relating to diversion of funds, so the reopening was not barred by the proviso to section 147. Interest attributable to borrowed funds used for fixed assets or capital work-in-progress before put to use was disallowable in principle, but the flat-rate computation was rejected and the matter was remitted for pro rata recomputation on a day-product basis after verification. Depreciation on assets at the Baddi unit was allowed because temporary non-operation did not by itself disentitle the assessee where the assets remained part of the block and available for use. Case-Laws Income Tax Thu, 24 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253879