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2014 (8) TMI 117 - GUJARAT HIGH COURTReopening of assessment u/s 147 r.w 148 - Details of interest payment to relatives in the Return of income not considered – Held that:- Tribunal was of the view that the assessee did furnish the relevant information asked for by the AO - the reasonableness of the interest was explained - there was no failure on the part of the assessee to disclose all the facts truly and correctly and held that the reassessment proceedings, initiated after a period of 4 years, required to be quashed and set aside – revenue is not in a position to demonstrate how the findings recorded by the Tribunal is arbitrary or perverse – thus, when the initiation of the reassessment proceedings itself is found to be illegal and beyond the scope of the relevant provisions of the Act, Tribunal has rightly held that there is no illegality committed by the assessee in paying interest at the rate of 24% to the related parties – Decided against Revenue.
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