https://www.taxtmi.com/caselaws?id=463300 ITAT set aside reassessment as invalid for failure to supply the reasons under sec.148(2) and admitted the appellant's books of account, directing AO to accept income as per books. Additions based on selective bank-entry grossups for dividend, debenture interest and sale of shares were deleted; interest on PSU bonds was held not assessable to the appellant. Depreciation and operating expenses were allowed. AO was directed to recompute interest under ss.234A/234B/234C after accounting for TDS; those interest provisions remain mandatory. Capitalization/disallowance issues under s.14A and capitalization of interest were rejected, and several appellate enhancements were dismissed as infructuous. en-us Fri, 09 Apr 2021 00:00:00 +0530 Fri, 22 Aug 2025 20:06:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463300 ITAT set aside reassessment as invalid for failure to supply the reasons under sec.148(2) and admitted the appellant's books of account, directing AO to accept income as per books. Additions based on selective bank-entry grossups for dividend, debenture interest and sale of shares were deleted; interest on PSU bonds was held not assessable to the appellant. Depreciation and operating expenses were allowed. AO was directed to recompute interest under ss.234A/234B/234C after accounting for TDS; those interest provisions remain mandatory. Capitalization/disallowance issues under s.14A and capitalization of interest were rejected, and several appellate enhancements were dismissed as infructuous. Case-Laws Income Tax Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463300