Kumars Metallurgicalcorporation Ltd. vs Joint Commissioner Of Income Tax
Whether reassessment under Section 147 is valid when based on audit objection without fresh material or failure to disclose facts --- Held No. Whether Tribunal erred in upholding reassessment despite Assessing Officer's earlier considered decision under Section 143(3) --- Held Yes. Whether expenditure incurred for public issue can be set off against interest income from share application money deposits --- Held Yes, as revenue expenditure with direct nexus.
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