Dismissing the petition the Court held once materials were available and such materials were not taken into consideration by original Assessing Authority, if authorities based on said material found that tax had escaped assessment, then they would be empowered to reopen proceedings. (AY. 2007-08)
Cairn India v. Dy. DIT(IT) (2022) 284 Taxman 68 (Mad.)(HC)
S. 147 : Reassessment-With in four years-Deduction at source-Non-resident-Foreign currency loan-Guarantee interest-Material available was not taken in to consideration in original assessment proceedings-Re assessment notice was held to be valid. [S. 148, 195, Art. 226]