https://www.taxtmi.com/caselaws?id=420960 The Court ruled in favor of the Petitioner in a case concerning the reopening of assessment under Section 148 of the Income Tax Act for the assessment year 2008-09. The Court found that the reasons for reopening did not establish non-disclosure of material facts and emphasized the consistent treatment of broken period interest as a revenue item. The judgment highlighted the importance of judicial precedents in determining tax treatment and urged the Revenue to reconsider pending Appeals on the matter. Ultimately, the Petition was allowed, quashing the notice and order related to the assessment year 2008-09. en-us Thu, 07 Apr 2022 00:00:00 +0530 Thu, 14 Apr 2022 08:09:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420960 The Court ruled in favor of the Petitioner in a case concerning the reopening of assessment under Section 148 of the Income Tax Act for the assessment year 2008-09. The Court found that the reasons for reopening did not establish non-disclosure of material facts and emphasized the consistent treatment of broken period interest as a revenue item. The judgment highlighted the importance of judicial precedents in determining tax treatment and urged the Revenue to reconsider pending Appeals on the matter. Ultimately, the Petition was allowed, quashing the notice and order related to the assessment year 2008-09. Case-Laws Income Tax Thu, 07 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420960