https://www.taxtmi.com/caselaws?id=57022 The Tribunal upheld the validity of the reassessment proceedings under section 147(b) based on new information from the Inspecting Assistant Commissioner, allowing the Income Tax Officer to reassess the assessment. Additionally, the Tribunal confirmed the Assistant Appellate Commissioner's decision to grant deduction under section 80K, following the Supreme Court's ruling that entitlement to relief under section 80K is based on eligibility for deduction under section 80J, irrespective of actual profits. The Tribunal dismissed both the departmental appeal and the assessee's cross-objection, affirming the decisions on reassessment and deduction entitlement. en-us Fri, 11 Jun 1982 00:00:00 +0530 Wed, 08 Dec 2010 09:32:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57022 The Tribunal upheld the validity of the reassessment proceedings under section 147(b) based on new information from the Inspecting Assistant Commissioner, allowing the Income Tax Officer to reassess the assessment. Additionally, the Tribunal confirmed the Assistant Appellate Commissioner's decision to grant deduction under section 80K, following the Supreme Court's ruling that entitlement to relief under section 80K is based on eligibility for deduction under section 80J, irrespective of actual profits. The Tribunal dismissed both the departmental appeal and the assessee's cross-objection, affirming the decisions on reassessment and deduction entitlement. Case-Laws Income Tax Fri, 11 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57022