https://www.taxtmi.com/caselaws?id=23353 The High Court of Kerala upheld the Tribunal's decisions on all three issues, affirming the validity of reopening the assessment under section 147(a) of the Income-tax Act, rejecting the treatment of misappropriated amounts as business loss, and ruling that the assessee had not established any loss incurred. The court found that the undisclosed profit made by the company justified the reopening of the assessment and emphasized the company's failure to disclose all material facts. en-us Fri, 30 Mar 1990 00:00:00 +0530 Fri, 18 Dec 2009 15:42:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23353 The High Court of Kerala upheld the Tribunal's decisions on all three issues, affirming the validity of reopening the assessment under section 147(a) of the Income-tax Act, rejecting the treatment of misappropriated amounts as business loss, and ruling that the assessee had not established any loss incurred. The court found that the undisclosed profit made by the company justified the reopening of the assessment and emphasized the company's failure to disclose all material facts. Case-Laws Income Tax Fri, 30 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23353