https://www.taxtmi.com/caselaws?id=175411 The Tribunal dismissed the Revenue's appeals for the assessment years 2000-01, 2002-03, 2003-04, and 2004-05, upholding the CIT (A)'s orders. The reassessment under section 148 was found invalid as no income had escaped assessment, and reopening based on audit objections was impermissible. Disallowance under section 35D was rejected since the expenses were related to earlier years. Similarly, disallowance under section 14A was overturned due to lack of evidence linking borrowed funds to exempt income. en-us Fri, 20 Apr 2012 00:00:00 +0530 Fri, 20 Nov 2015 13:09:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175411 The Tribunal dismissed the Revenue's appeals for the assessment years 2000-01, 2002-03, 2003-04, and 2004-05, upholding the CIT (A)'s orders. The reassessment under section 148 was found invalid as no income had escaped assessment, and reopening based on audit objections was impermissible. Disallowance under section 35D was rejected since the expenses were related to earlier years. Similarly, disallowance under section 14A was overturned due to lack of evidence linking borrowed funds to exempt income. Case-Laws Income Tax Fri, 20 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175411