https://www.taxtmi.com/caselaws?id=768681 ITAT Hyderabad dismissed the assessee's appeal regarding reopening of assessment under section 147 beyond four years. The tribunal held that reopening was valid due to escapement of income from under-assessment of interest received from Mexican subsidiaries and incorrect computation of book profit under section 115JB. The assessee failed to provide true and full disclosure of interest income details and accounting policies. Additionally, provision for inventory loss was correctly added back to book profit under section 115JB(2) Explanation 1 as diminution in asset value, despite assessee's claims of following proper accounting standards. en-us Mon, 07 Apr 2025 00:00:00 +0530 Fri, 11 Apr 2025 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768681 ITAT Hyderabad dismissed the assessee's appeal regarding reopening of assessment under section 147 beyond four years. The tribunal held that reopening was valid due to escapement of income from under-assessment of interest received from Mexican subsidiaries and incorrect computation of book profit under section 115JB. The assessee failed to provide true and full disclosure of interest income details and accounting policies. Additionally, provision for inventory loss was correctly added back to book profit under section 115JB(2) Explanation 1 as diminution in asset value, despite assessee's claims of following proper accounting standards. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768681