https://www.taxtmi.com/caselaws?id=181347 The HC dismissed the Revenue's appeals, affirming the Tribunal's findings. The Court held that the reopening of the assessment under section 147 of the IT Act was invalid, as it was based on a mere change of opinion without new material. Additionally, the disallowance of the interest deduction was unjustified, as it was initially accepted during the original assessment. The HC also agreed with the Tribunal that the reopening exceeded the time limit specified in the proviso to section 147, thus annulling the assessment proceedings. No substantial question of law was found to arise from the case. en-us Fri, 18 Jul 2008 00:00:00 +0530 Sun, 10 Dec 2023 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181347 The HC dismissed the Revenue's appeals, affirming the Tribunal's findings. The Court held that the reopening of the assessment under section 147 of the IT Act was invalid, as it was based on a mere change of opinion without new material. Additionally, the disallowance of the interest deduction was unjustified, as it was initially accepted during the original assessment. The HC also agreed with the Tribunal that the reopening exceeded the time limit specified in the proviso to section 147, thus annulling the assessment proceedings. No substantial question of law was found to arise from the case. Case-Laws Income Tax Fri, 18 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181347