https://www.taxtmi.com/caselaws?id=283005 The Tribunal upheld the validity of reassessment proceedings under section 147 of the Income-tax Act, 1961, beyond four years due to the assessee's failure to disclose material facts fully. The addition on account of the difference in budget cost of flats was remanded for further examination. The treatment of prior period interest expenditure was allowed. The classification and depreciation rate on the golf course were to be determined afresh. The addition on account of long-term capital gain was deleted as the sale was not completed. The Revenue's appeals were partly allowed, remanding certain issues for fresh adjudication. en-us Wed, 15 Jun 2016 00:00:00 +0530 Tue, 03 Sep 2019 17:44:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283005 The Tribunal upheld the validity of reassessment proceedings under section 147 of the Income-tax Act, 1961, beyond four years due to the assessee's failure to disclose material facts fully. The addition on account of the difference in budget cost of flats was remanded for further examination. The treatment of prior period interest expenditure was allowed. The classification and depreciation rate on the golf course were to be determined afresh. The addition on account of long-term capital gain was deleted as the sale was not completed. The Revenue's appeals were partly allowed, remanding certain issues for fresh adjudication. Case-Laws Income Tax Wed, 15 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283005