https://www.taxtmi.com/caselaws?id=338644 The Tribunal allowed the assessee's appeals, setting aside the impugned orders and quashing the assessment orders for the respective years. The reassessment under section 148 was deemed invalid due to the absence of new material, constituting a change of opinion without legal basis. The disallowance of interest under section 36(1)(iii) was overturned in favor of the assessee, supported by commercial expediency for interest-free advances and lack of rebuttal from the Revenue. The Tribunal questioned the jurisdiction under section 154, ultimately ruling in favor of the assessee based on legal and factual justifications. en-us Fri, 18 Nov 2016 00:00:00 +0530 Wed, 08 Feb 2017 13:04:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338644 The Tribunal allowed the assessee's appeals, setting aside the impugned orders and quashing the assessment orders for the respective years. The reassessment under section 148 was deemed invalid due to the absence of new material, constituting a change of opinion without legal basis. The disallowance of interest under section 36(1)(iii) was overturned in favor of the assessee, supported by commercial expediency for interest-free advances and lack of rebuttal from the Revenue. The Tribunal questioned the jurisdiction under section 154, ultimately ruling in favor of the assessee based on legal and factual justifications. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338644