https://www.taxtmi.com/caselaws?id=62189 The tribunal ruled in favor of the assessee on both jurisdictional and merit grounds. The reopening of the assessment under Section 147(b) of the Income Tax Act was deemed invalid as it was based on a change of opinion rather than new information. Additionally, the interest expenditure of Rs. 10,469 was allowed as a deduction under Section 57(iii) due to an indirect connection between the borrowings and the interest income. The tribunal set aside the orders of the lower authorities in favor of the assessee. en-us Fri, 13 Sep 1985 00:00:00 +0530 Tue, 18 Jan 2011 14:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62189 The tribunal ruled in favor of the assessee on both jurisdictional and merit grounds. The reopening of the assessment under Section 147(b) of the Income Tax Act was deemed invalid as it was based on a change of opinion rather than new information. Additionally, the interest expenditure of Rs. 10,469 was allowed as a deduction under Section 57(iii) due to an indirect connection between the borrowings and the interest income. The tribunal set aside the orders of the lower authorities in favor of the assessee. Case-Laws Income Tax Fri, 13 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62189