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2011 (10) TMI 460 - HC - Income TaxDis-allowance of interest on interest free advances given to sister concerns for non-business purposes - Tribunal while deleting dis-allowance held that issue of dis-allowance of interest had already attained finality in the original assessment order and thus could not be reagitated in the reassessment proceedings - Held that:- If Assessing Officer for whatever reason has reason to believe that income has escaped assessment it confers jurisdiction to reopen the assessment and failure to take steps u/s 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation u/s 143(1) had been issued - Decided against the assessee Further, once, the assessee has categorically taken a stand that there was no business consideration; the assessee cannot be permitted to take plea of commercial expediency only on account of a subsequent judgment of the Supreme Court in case of S.A.Builders Ltd vs. CIT (Appeals)(2006 - TMI - 3364 - SUPREME COURT - Income Tax). Further, Trbunal has relied upon the order passed in respect of the earlier AY which order has been set aside in appeal by this court, therefore, the basis of the order passed by the Tribunal stands knocked down in the present case - Decided against the assessee
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