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2018 (3) TMI 1652 - AT - Income TaxReopening of assessment u/s 147/148 - income escaped assessment - non-business expenditure - disallowance of interest expense - reducing such interest from the value of 'Inventories' - Held that:- there was failure on the part of assessee to disclose fully and truly all material facts for completion of assessment during the assessment proceedings. The case laws relied upon by the assessee are not applicable to the facts of the case as the necessary agreements qua joint venture, relinquishing the interest in the said land were not furnished before the AO in the course of assessment proceedings and there is a failure on the part of the assessee to disclose the material facts during the course of assessment and hence in our opinion the re-opening is validly done - Decided against the assessee Non-business expenditure - Held that:- When the transaction has already been treated as genuine then there is no ground to treat the same as sham transaction in further reassessment order. Moreover, the case of the assessee based on factual position which has duly been explained by the Hon’ble ITAT while passing the order in the assessee’s own case [2017 (11) TMI 719 - ITAT MUMBAI] - Decided in favor of assessee.
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