https://www.taxtmi.com/caselaws?id=417014 The Tribunal upheld the CIT(A)'s decision that reopening the assessment under Section 147 was invalid due to lack of independent application of mind by the Revenue. Disallowance of post-production expenses was deleted for both assessment years 2004-05 and 2005-06, as they were found eligible for deduction under relevant rules. The Tribunal directed the Assessing Officer to estimate 5% of total set material costs as income from resale. Disallowance of interest on loans and unsecured loans was remanded back to the Assessing Officer for fresh consideration due to lack of clarity. The appeal for the assessment year 2004-05 was dismissed, while appeals for 2005-06 and 2006-07 were partly allowed for statistical purposes, with specific issues remanded for further examination. en-us Wed, 05 Jan 2022 00:00:00 +0530 Thu, 13 Jan 2022 09:00:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417014 The Tribunal upheld the CIT(A)'s decision that reopening the assessment under Section 147 was invalid due to lack of independent application of mind by the Revenue. Disallowance of post-production expenses was deleted for both assessment years 2004-05 and 2005-06, as they were found eligible for deduction under relevant rules. The Tribunal directed the Assessing Officer to estimate 5% of total set material costs as income from resale. Disallowance of interest on loans and unsecured loans was remanded back to the Assessing Officer for fresh consideration due to lack of clarity. The appeal for the assessment year 2004-05 was dismissed, while appeals for 2005-06 and 2006-07 were partly allowed for statistical purposes, with specific issues remanded for further examination. Case-Laws Income Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417014