https://www.taxtmi.com/caselaws?id=459620 HC held reopening under s.147 was invalid and set aside the impugned notice. The court found no failure to disclose any material fact; the AO had considered documents, accepted the business loss and allowed carry-forward of unabsorbed depreciation per the Act. Although interest on borrowed funds related to projects could be capitalized to WIP, the procedural prerequisites for reopening were not met, rendering the reassessment notice unsustainable. en-us Tue, 27 Jun 2023 00:00:00 +0530 Tue, 18 Nov 2025 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459620 HC held reopening under s.147 was invalid and set aside the impugned notice. The court found no failure to disclose any material fact; the AO had considered documents, accepted the business loss and allowed carry-forward of unabsorbed depreciation per the Act. Although interest on borrowed funds related to projects could be capitalized to WIP, the procedural prerequisites for reopening were not met, rendering the reassessment notice unsustainable. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459620