https://www.taxtmi.com/caselaws?id=9892 The Tribunal correctly held that reassessment proceedings for the assessment year 1972-73 were validly initiated as the assessee failed to disclose the acquisition of property. The court upheld the interest levied under sections 139(8) and 217(1A) of the Income-tax Act based on the original assessment figures, emphasizing the persistence of statutory liability for interest despite reassessment. The outcome favored the Revenue, affirming the validity of the reassessment proceedings and the justification for restricting interest to the original assessment amounts. The case was concluded without costs. en-us Wed, 19 Apr 2006 00:00:00 +0530 Thu, 02 Jul 2009 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9892 The Tribunal correctly held that reassessment proceedings for the assessment year 1972-73 were validly initiated as the assessee failed to disclose the acquisition of property. The court upheld the interest levied under sections 139(8) and 217(1A) of the Income-tax Act based on the original assessment figures, emphasizing the persistence of statutory liability for interest despite reassessment. The outcome favored the Revenue, affirming the validity of the reassessment proceedings and the justification for restricting interest to the original assessment amounts. The case was concluded without costs. Case-Laws Income Tax Wed, 19 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9892