https://www.taxtmi.com/caselaws?id=391247 The Tribunal allowed the assessee's appeals for Assessment Years 2003-04, 2004-05, and 2006-07, invalidating the reassessment proceedings under Section 147 of the Income Tax Act due to lack of new tangible material and merely a change of opinion. Additionally, the Tribunal deleted the addition of notional interest on loans, recognizing it as a business decision supported by a Board resolution, thus not constituting real income accrual. The decision was pronounced on 20/01/2020. en-us Mon, 20 Jan 2020 00:00:00 +0530 Thu, 07 Nov 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391247 The Tribunal allowed the assessee's appeals for Assessment Years 2003-04, 2004-05, and 2006-07, invalidating the reassessment proceedings under Section 147 of the Income Tax Act due to lack of new tangible material and merely a change of opinion. Additionally, the Tribunal deleted the addition of notional interest on loans, recognizing it as a business decision supported by a Board resolution, thus not constituting real income accrual. The decision was pronounced on 20/01/2020. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391247