https://www.taxtmi.com/caselaws?id=306253 The Tribunal allowed both appeals, overturning the orders of the lower authorities and ruling in favor of the assessee. The reassessment initiated by the Assessing Officer for alleged failure to disclose material facts was deemed unjustified as the provision for NPA accounts was made in compliance with RBI directions. The Tribunal held that the basis for reassessment had been invalidated in previous years, leading to the decision in favor of the assessee for both assessment years 2007-08 and 2008-09. en-us Thu, 13 Jan 2022 00:00:00 +0530 Thu, 19 Jan 2023 08:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306253 The Tribunal allowed both appeals, overturning the orders of the lower authorities and ruling in favor of the assessee. The reassessment initiated by the Assessing Officer for alleged failure to disclose material facts was deemed unjustified as the provision for NPA accounts was made in compliance with RBI directions. The Tribunal held that the basis for reassessment had been invalidated in previous years, leading to the decision in favor of the assessee for both assessment years 2007-08 and 2008-09. Case-Laws Income Tax Thu, 13 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306253