https://www.taxtmi.com/caselaws?id=329603 The Tribunal upheld the validity of reassessment proceedings under section 147, emphasizing the importance of full disclosure by the assessee. The addition on account of the difference between budget cost of flats was remanded for further examination. The treatment of prior period interest expenditure was allowed. The depreciation rate applicable to the golf course was to be re-evaluated by the AO. The capital gain on the agreement to sale dated 17.3.2003 was not taxed as long-term capital gain, as the transaction was deemed incomplete. The Tribunal partially allowed the Revenue's appeals and remanded certain issues for fresh adjudication. en-us Wed, 15 Jun 2016 00:00:00 +0530 Wed, 06 Jul 2016 04:05:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329603 The Tribunal upheld the validity of reassessment proceedings under section 147, emphasizing the importance of full disclosure by the assessee. The addition on account of the difference between budget cost of flats was remanded for further examination. The treatment of prior period interest expenditure was allowed. The depreciation rate applicable to the golf course was to be re-evaluated by the AO. The capital gain on the agreement to sale dated 17.3.2003 was not taxed as long-term capital gain, as the transaction was deemed incomplete. The Tribunal partially allowed the Revenue's appeals and remanded certain issues for fresh adjudication. Case-Laws Income Tax Wed, 15 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329603