https://www.taxtmi.com/caselaws?id=340814 The tribunal held that the initiation of reassessment proceedings based on a notice issued under section 148 of the Income Tax Act was invalid as there was no failure on the part of the assessee to disclose material facts fully and truly. Consequently, the assessment order was annulled. Other issues regarding the disallowance of interest paid on borrowed funds and deduction claimed under section 80IB were not specifically adjudicated due to the annulment of the reassessment proceedings. The appeal of the assessee was allowed for statistical purposes. en-us Tue, 14 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 06:47:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340814 The tribunal held that the initiation of reassessment proceedings based on a notice issued under section 148 of the Income Tax Act was invalid as there was no failure on the part of the assessee to disclose material facts fully and truly. Consequently, the assessment order was annulled. Other issues regarding the disallowance of interest paid on borrowed funds and deduction claimed under section 80IB were not specifically adjudicated due to the annulment of the reassessment proceedings. The appeal of the assessee was allowed for statistical purposes. Case-Laws Income Tax Tue, 14 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340814