https://www.taxtmi.com/caselaws?id=468040 Reopening of a completed assessment beyond four years was invalid because the recorded reasons did not specifically allege failure by the assessee to disclose fully and truly all material facts; the exercise was treated as a mere change of opinion without fresh material, so the reassessment was quashed. Interest income earned by a co-operative society from deposits with a co-operative bank was held deductible under section 80P(2)(d), the jurisdictional High Court view being applied and the contrary Supreme Court authority distinguished on its facts. The assessment and appellate orders were set aside, and relief was granted to the assessee on both jurisdictional and merits grounds. en-us Wed, 28 Feb 2024 00:00:00 +0530 Tue, 14 Apr 2026 17:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468040 Reopening of a completed assessment beyond four years was invalid because the recorded reasons did not specifically allege failure by the assessee to disclose fully and truly all material facts; the exercise was treated as a mere change of opinion without fresh material, so the reassessment was quashed. Interest income earned by a co-operative society from deposits with a co-operative bank was held deductible under section 80P(2)(d), the jurisdictional High Court view being applied and the contrary Supreme Court authority distinguished on its facts. The assessment and appellate orders were set aside, and relief was granted to the assessee on both jurisdictional and merits grounds. Case-Laws Income Tax Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468040