https://www.taxtmi.com/caselaws?id=38488 The High Court upheld the validity of reassessments made under section 147(b) of the Income-tax Act for the assessment years in question. The Court found that income had escaped assessment due to incorrect apportionment of interest between dividend income and business income in the original assessment. The decision was supported by the lack of knowledge by the Income-tax Officer regarding the diversion of borrowed funds for share investment, justifying the reassessment under section 147(b). The Court awarded costs, including counsel's fee, to the Commissioner. en-us Tue, 02 Nov 1976 00:00:00 +0530 Tue, 06 Apr 2010 16:48:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38488 The High Court upheld the validity of reassessments made under section 147(b) of the Income-tax Act for the assessment years in question. The Court found that income had escaped assessment due to incorrect apportionment of interest between dividend income and business income in the original assessment. The decision was supported by the lack of knowledge by the Income-tax Officer regarding the diversion of borrowed funds for share investment, justifying the reassessment under section 147(b). The Court awarded costs, including counsel's fee, to the Commissioner. Case-Laws Income Tax Tue, 02 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38488