https://www.taxtmi.com/caselaws?id=416104 The tribunal upheld the validity of reassessment proceedings, citing non-disclosure of loan funds as an escapement of income. While initially disallowing interest expenses, the tribunal partially allowed the appeal upon clarification and documentation of loan funds. Emphasizing accurate disclosure and supporting evidence, the tribunal recognized the genuineness of interest expenses. No specific details were provided on interest levy justification or penalty proceedings. The judgment underscores the importance of proper disclosure and documentation in income tax assessments. en-us Tue, 07 Dec 2021 00:00:00 +0530 Mon, 20 Dec 2021 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416104 The tribunal upheld the validity of reassessment proceedings, citing non-disclosure of loan funds as an escapement of income. While initially disallowing interest expenses, the tribunal partially allowed the appeal upon clarification and documentation of loan funds. Emphasizing accurate disclosure and supporting evidence, the tribunal recognized the genuineness of interest expenses. No specific details were provided on interest levy justification or penalty proceedings. The judgment underscores the importance of proper disclosure and documentation in income tax assessments. Case-Laws Income Tax Tue, 07 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416104