https://www.taxtmi.com/caselaws?id=310144 The reassessment under Section 147/148 of the Income Tax Act was deemed valid as the Assessing Officer had sufficient information to believe income had escaped assessment. The sanction under Section 151 was upheld despite a clerical error in citing the subsection. The deduction under Section 35AD for warehouse construction was allowed as the expenditure was incurred for the specified business. The disallowance of prior period expenses was rejected based on consistent practice and acceptance by the Department. The disallowance of interest expenses on work in progress was subject to further verification regarding fund sources. Overall, the assessee's appeals were partly allowed, while the Revenue's appeals were partly allowed for statistical purposes. en-us Tue, 19 Mar 2019 00:00:00 +0530 Mon, 09 Oct 2023 11:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310144 The reassessment under Section 147/148 of the Income Tax Act was deemed valid as the Assessing Officer had sufficient information to believe income had escaped assessment. The sanction under Section 151 was upheld despite a clerical error in citing the subsection. The deduction under Section 35AD for warehouse construction was allowed as the expenditure was incurred for the specified business. The disallowance of prior period expenses was rejected based on consistent practice and acceptance by the Department. The disallowance of interest expenses on work in progress was subject to further verification regarding fund sources. Overall, the assessee's appeals were partly allowed, while the Revenue's appeals were partly allowed for statistical purposes. Case-Laws Income Tax Tue, 19 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310144