https://www.taxtmi.com/caselaws?id=437147 The appeal by the Revenue was dismissed, and the reassessment proceedings under Section 147 of the Income Tax Act, 1961 were deemed invalid. The Tribunal found that the reassessment was based on information already disclosed during the original assessment, and there was no failure on the part of the assessee to disclose material facts. Consequently, the grounds challenging the allowance of interest expenditure as business expenditure were dismissed as the reassessment proceedings were set aside. en-us Wed, 26 Apr 2023 00:00:00 +0530 Fri, 28 Apr 2023 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437147 The appeal by the Revenue was dismissed, and the reassessment proceedings under Section 147 of the Income Tax Act, 1961 were deemed invalid. The Tribunal found that the reassessment was based on information already disclosed during the original assessment, and there was no failure on the part of the assessee to disclose material facts. Consequently, the grounds challenging the allowance of interest expenditure as business expenditure were dismissed as the reassessment proceedings were set aside. Case-Laws Income Tax Wed, 26 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437147