https://www.taxtmi.com/caselaws?id=60260 Reassessment under section 147(b) requires post-assessment information and a bona fide belief of escapement; the reopening on audit and existing legal material was invalid. Interest on sticky advances credited to suspense account was treated on the real-income principle and was not taxable where recovery was doubtful. Dividend-related adjustments under section 80M and the Unit Trust of India receipt were examined under the dividend-tax framework, with the statutory treatment substantially upheld. Development rebate on banking assets depended on the asset's character and office-use restrictions, while revaluation loss on shares and securities held as stock-in-trade was allowable on commercial principles, with part of the rebate issue remanded for factual verification. en-us Wed, 20 Jul 1983 00:00:00 +0530 Mon, 22 Apr 2024 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60260 Reassessment under section 147(b) requires post-assessment information and a bona fide belief of escapement; the reopening on audit and existing legal material was invalid. Interest on sticky advances credited to suspense account was treated on the real-income principle and was not taxable where recovery was doubtful. Dividend-related adjustments under section 80M and the Unit Trust of India receipt were examined under the dividend-tax framework, with the statutory treatment substantially upheld. Development rebate on banking assets depended on the asset's character and office-use restrictions, while revaluation loss on shares and securities held as stock-in-trade was allowable on commercial principles, with part of the rebate issue remanded for factual verification. Case-Laws Income Tax Wed, 20 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60260