https://www.taxtmi.com/caselaws?id=304416 The Tribunal quashed reopenings under Sections 147 and 148 due to insufficient reasons for non-disclosure in various appeals, relying on the first proviso to Section 147 and the Bombay HC's decision. Disallowances of interest expenditure, notional interest on debentures income, and finance costs were restored for fresh verification. The Tribunal emphasized proper factual examination and procedural adherence, allowing some appeals and partly allowing others, highlighting the significance of accurate assessments and expenditure disallowances. en-us Mon, 21 Mar 2022 00:00:00 +0530 Sat, 24 Sep 2022 20:03:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304416 The Tribunal quashed reopenings under Sections 147 and 148 due to insufficient reasons for non-disclosure in various appeals, relying on the first proviso to Section 147 and the Bombay HC's decision. Disallowances of interest expenditure, notional interest on debentures income, and finance costs were restored for fresh verification. The Tribunal emphasized proper factual examination and procedural adherence, allowing some appeals and partly allowing others, highlighting the significance of accurate assessments and expenditure disallowances. Case-Laws Income Tax Mon, 21 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304416