https://www.taxtmi.com/caselaws?id=432410 The ITAT declared the reassessment illegal due to jurisdictional errors in reopening the assessment after four years without valid reasons. The disallowance of loss on repossessed assets was contested successfully, but the addition of interest on inter-corporate deposits was upheld. The ITAT found errors in the assessment process, including failure to address objections and recompute income within the specified time limit. The appeal of the revenue was dismissed, emphasizing the AO's mistakes and supporting the grounds raised by the assessee. en-us Thu, 05 May 2022 00:00:00 +0530 Wed, 04 Jan 2023 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432410 The ITAT declared the reassessment illegal due to jurisdictional errors in reopening the assessment after four years without valid reasons. The disallowance of loss on repossessed assets was contested successfully, but the addition of interest on inter-corporate deposits was upheld. The ITAT found errors in the assessment process, including failure to address objections and recompute income within the specified time limit. The appeal of the revenue was dismissed, emphasizing the AO's mistakes and supporting the grounds raised by the assessee. Case-Laws Income Tax Thu, 05 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432410