https://www.taxtmi.com/caselaws?id=9903 The court concluded that the assessee was not justified in claiming the deduction for penal interest as the liability did not accrue in the relevant assessment year. The failure to disclose this material fact justified the reopening of the assessment, and the notice under section 148 was valid even after the expiry of four years. The appeal by the Revenue was allowed, the order of the Tribunal was set aside, and the questions of law were answered in favor of the Revenue and against the assessee. en-us Mon, 20 Mar 2006 00:00:00 +0530 Thu, 02 Jul 2009 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9903 The court concluded that the assessee was not justified in claiming the deduction for penal interest as the liability did not accrue in the relevant assessment year. The failure to disclose this material fact justified the reopening of the assessment, and the notice under section 148 was valid even after the expiry of four years. The appeal by the Revenue was allowed, the order of the Tribunal was set aside, and the questions of law were answered in favor of the Revenue and against the assessee. Case-Laws Income Tax Mon, 20 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9903