https://www.taxtmi.com/caselaws?id=57398 The Appellate Tribunal upheld the decision to deny exemption under section 11 of the Income-tax Act, 1961 to a trust due to investments with related parties. The Tribunal justified reopening the assessment under section 147(b) based on new information, allowing further assessment under sections 13(1)(c) and 13(2)(h). The Tribunal clarified that section 147(b) could be invoked even after completion under section 143(1) if requirements were met, emphasizing the distinct powers under sections 143(2)(b) and 147(b) for income escapement assessment. The trust's appeal was successful for further assessment in accordance with the Tribunal's directions. en-us Wed, 20 Jun 1984 00:00:00 +0530 Thu, 09 Dec 2010 18:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57398 The Appellate Tribunal upheld the decision to deny exemption under section 11 of the Income-tax Act, 1961 to a trust due to investments with related parties. The Tribunal justified reopening the assessment under section 147(b) based on new information, allowing further assessment under sections 13(1)(c) and 13(2)(h). The Tribunal clarified that section 147(b) could be invoked even after completion under section 143(1) if requirements were met, emphasizing the distinct powers under sections 143(2)(b) and 147(b) for income escapement assessment. The trust's appeal was successful for further assessment in accordance with the Tribunal's directions. Case-Laws Income Tax Wed, 20 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57398