https://www.taxtmi.com/caselaws?id=57323 The Tribunal held that the initiation of proceedings under Section 148 of the IT Act was justified as there was a reason to believe that income had escaped assessment. However, the addition of Rs. 8,54,764 on account of interest receivable from M/s Arihant Cotsyn Ltd. was deemed unwarranted as the interest income did not accrue in the relevant assessment year. The Tribunal set aside the lower authorities' orders and deleted the addition. en-us Mon, 21 Feb 2005 00:00:00 +0530 Thu, 09 Dec 2010 16:00:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57323 The Tribunal held that the initiation of proceedings under Section 148 of the IT Act was justified as there was a reason to believe that income had escaped assessment. However, the addition of Rs. 8,54,764 on account of interest receivable from M/s Arihant Cotsyn Ltd. was deemed unwarranted as the interest income did not accrue in the relevant assessment year. The Tribunal set aside the lower authorities' orders and deleted the addition. Case-Laws Income Tax Mon, 21 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57323