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2011 (12) TMI 52 - AT - Income TaxReassessment u/s 10 of Interest Tax Act,1974 (corresponding to sec. 147 of IT Act) - Chargeable Interest- Business of Finance- Hire-purchase agreement-validity of reassessment proceedings. - Interest Tax - Held that:- the assessment for the year under consideration was reopened within four years after recording reasons, in writing, on the basis of findings of the ITAT in their order dated 14.8.2003 and only thereafter notice u/s 10 of the Act was issued on 13.11.2003. Since the ld. AR on behalf of the assessee did not make any further submissions before us not disputed the findings of ld. CIT(A) on the validity of reopening of the assessment in the year under consideration, there is no material before us to take a different view in the matter. - Decided in favor of revenue.
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