https://www.taxtmi.com/caselaws?id=329740 The Tribunal upheld the reopening of the assessment under Section 147, citing legal precedents allowing reassessment based on legal correctness or mistakes in the original assessment. Additionally, the Tribunal confirmed the deletion of disallowance under Section 40(a)(ia) for non-deduction of tax on interest payments. The CIT(A)'s decision was supported by the submission of Forms 15G/15H/60 to the Income Tax Authorities, which, although not to the designated authority, did not warrant disallowance under Section 40(a)(ia). The Tribunal emphasized that the failure to file these forms with the proper authority attracted a penalty under Section 272A(2)(f), not disallowance under Section 40(a)(ia). en-us Wed, 06 Jul 2016 00:00:00 +0530 Sat, 19 Nov 2016 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329740 The Tribunal upheld the reopening of the assessment under Section 147, citing legal precedents allowing reassessment based on legal correctness or mistakes in the original assessment. Additionally, the Tribunal confirmed the deletion of disallowance under Section 40(a)(ia) for non-deduction of tax on interest payments. The CIT(A)'s decision was supported by the submission of Forms 15G/15H/60 to the Income Tax Authorities, which, although not to the designated authority, did not warrant disallowance under Section 40(a)(ia). The Tribunal emphasized that the failure to file these forms with the proper authority attracted a penalty under Section 272A(2)(f), not disallowance under Section 40(a)(ia). Case-Laws Income Tax Wed, 06 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329740