https://www.taxtmi.com/caselaws?id=25116 The High Court affirmed that assessment orders for certain years were not time-barred under the Income-tax Act. Realizations by the official liquidator were deemed taxable income, rejecting a claim for interest deduction. The assessee was denied ownership of cinema assets for depreciation. No show cause notice was required for levying penal interest, and the officer was not obligated to reduce it without a petition. The appellate authority could consider additional evidence for reducing penal interest. The assessee was not classified as an industrial company and was denied relief under Section 80G. Expenditure on refreshments was allowed as a deduction. en-us Mon, 10 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 14:14:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25116 The High Court affirmed that assessment orders for certain years were not time-barred under the Income-tax Act. Realizations by the official liquidator were deemed taxable income, rejecting a claim for interest deduction. The assessee was denied ownership of cinema assets for depreciation. No show cause notice was required for levying penal interest, and the officer was not obligated to reduce it without a petition. The appellate authority could consider additional evidence for reducing penal interest. The assessee was not classified as an industrial company and was denied relief under Section 80G. Expenditure on refreshments was allowed as a deduction. Case-Laws Income Tax Mon, 10 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25116