https://www.taxtmi.com/caselaws?id=37398 The court held that the assessment for the year 1959-60 could not be validly reopened under section 147(b) of the Income-tax Act, 1961. The Appellate Assistant Commissioner and Tribunal both found that the reopening was not justified as there was no failure to disclose all material facts necessary for assessment. The court further emphasized that since the interest payment was legal due to no requirement for special approval, the income of the company did not escape assessment. Therefore, the reassessment adding back the interest amount was deemed unwarranted. Each party was directed to bear its own costs. en-us Wed, 28 Jun 1978 00:00:00 +0530 Mon, 29 Mar 2010 13:52:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37398 The court held that the assessment for the year 1959-60 could not be validly reopened under section 147(b) of the Income-tax Act, 1961. The Appellate Assistant Commissioner and Tribunal both found that the reopening was not justified as there was no failure to disclose all material facts necessary for assessment. The court further emphasized that since the interest payment was legal due to no requirement for special approval, the income of the company did not escape assessment. Therefore, the reassessment adding back the interest amount was deemed unwarranted. Each party was directed to bear its own costs. Case-Laws Income Tax Wed, 28 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37398