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<h1>Invalid Reopening of Assessment</h1> The High Court of Madras held that the reopening of assessment under section 147(b) was invalid and allowed the deduction of gross interest payment from ... Reassessment, Export Market Development Allowance, Weighted Deduction The High Court of Madras ruled in a tax case brought by the Commissioner of Income-tax, Tamil Nadu-I. The court found that the reopening of the assessment under section 147(b) was not valid and that the gross interest payment incurred in foreign branches was entitled to deduction under section 35B. The judgment was delivered by N. K. Jain and K. Raviraja Pandian. The case was disposed of with no costs.
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