1999 (2) TMI 16

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... completed on October 4, 1969. Subsequently, however, the assessment was reopened under section 147(a) of the Income-tax Act, 1961, to bring to tax a sum of Rs.54,485 in respect of interest suspense account. It is however, according to the assessee, the sums representing interest on loans, recovery of which was considered doubtful. Incidentally be it noted that the assessee had disclosed this s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Tribunal, however, reversed the view of the Commissioner and held that the instructions of the Central Board of Direct Taxes contained in circular dated October 6, 1952, would govern the case and the reopening was not justified and on a reference before the High Court under section 256(1) of the Income-tax Act, the High Court answered the reference in favour of the assessee upon recording its app....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y to go into the issue any further. Turning attention to the first question as regards the provisions under section 147(a) be it noted and as the facts depict, there is no failure on the part of the assessee in furnishing the particulars pertaining to the above noted sum as not recoverable for the relevant accounting year and the statements filed along with the original return disclosed the ful....