https://www.taxtmi.com/caselaws?id=331626 The Supreme Court upheld the reopening of assessment for a partnership firm engaged in real estate development for the Assessment Year 2001-02 under Section 148 of the Income Tax Act. The appellant's failure to disclose the actual assets of the plot rendered it ineligible for deduction under Section 80(1B) (10) of the Act. The Court emphasized the importance of accurate disclosure, dismissing the appeal and affirming the Revenue's decision to reopen the assessment under Section 147 based on the lack of correct disclosure by the appellant. en-us Mon, 08 Aug 2016 00:00:00 +0530 Thu, 17 Nov 2016 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331626 The Supreme Court upheld the reopening of assessment for a partnership firm engaged in real estate development for the Assessment Year 2001-02 under Section 148 of the Income Tax Act. The appellant's failure to disclose the actual assets of the plot rendered it ineligible for deduction under Section 80(1B) (10) of the Act. The Court emphasized the importance of accurate disclosure, dismissing the appeal and affirming the Revenue's decision to reopen the assessment under Section 147 based on the lack of correct disclosure by the appellant. Case-Laws Income Tax Mon, 08 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331626