https://www.taxtmi.com/caselaws?id=333076 The court upheld the validity of the notice for reopening the assessment, ruling in favor of the Assessing Officer. The petitioner's failure to fully disclose material facts, specifically regarding the non-payment of interest on loans from directors, justified the reopening beyond the four-year period. However, the claim of exemption for FDR interest under Section 10B was deemed impermissible grounds for reopening the assessment beyond the stipulated timeframe. en-us Wed, 21 Sep 2016 00:00:00 +0530 Tue, 04 Oct 2016 13:28:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333076 The court upheld the validity of the notice for reopening the assessment, ruling in favor of the Assessing Officer. The petitioner's failure to fully disclose material facts, specifically regarding the non-payment of interest on loans from directors, justified the reopening beyond the four-year period. However, the claim of exemption for FDR interest under Section 10B was deemed impermissible grounds for reopening the assessment beyond the stipulated timeframe. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333076