https://www.taxtmi.com/caselaws?id=342370 The Tribunal dismissed the revenue's appeals, upholding the CIT (Appeals)'s decisions to quash the reassessment proceedings and delete the disallowance of interest. The reassessment was deemed invalid due to the absence of new tangible material and the fact that it amounted to a change of opinion. Additionally, the disallowance under Section 36(1)(iii) was not justified as the advances were made from interest-free funds. The judgments were pronounced in the open court on 20.04.2017. en-us Thu, 20 Apr 2017 00:00:00 +0530 Wed, 03 May 2017 07:43:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342370 The Tribunal dismissed the revenue's appeals, upholding the CIT (Appeals)'s decisions to quash the reassessment proceedings and delete the disallowance of interest. The reassessment was deemed invalid due to the absence of new tangible material and the fact that it amounted to a change of opinion. Additionally, the disallowance under Section 36(1)(iii) was not justified as the advances were made from interest-free funds. The judgments were pronounced in the open court on 20.04.2017. Case-Laws Income Tax Thu, 20 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342370