https://www.taxtmi.com/caselaws?id=350840 The Tribunal upheld the reassessment proceedings under section 147 of the Income-tax Act, stating that the assessee failed to disclose all material facts during the original assessment. It deemed the transaction involving the purchase of interest in land from two companies as genuine and allowed the deduction of interest expense on borrowed funds used for payments to the companies. The Tribunal directed the Assessing Officer to delete the disallowance and treat the transaction as genuine for tax purposes. en-us Fri, 10 Nov 2017 00:00:00 +0530 Tue, 14 Nov 2017 04:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350840 The Tribunal upheld the reassessment proceedings under section 147 of the Income-tax Act, stating that the assessee failed to disclose all material facts during the original assessment. It deemed the transaction involving the purchase of interest in land from two companies as genuine and allowed the deduction of interest expense on borrowed funds used for payments to the companies. The Tribunal directed the Assessing Officer to delete the disallowance and treat the transaction as genuine for tax purposes. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350840