https://www.taxtmi.com/caselaws?id=62706 The appeals were partly allowed, with the ITAT directing the deletion of additions made in the assessment orders for the years 1997-98 and 1998-99. The ITAT found that the interest income from bank deposits fell within the principle of mutuality. Although the initiation of proceedings under section 147 was deemed valid, the failure to dispose of preliminary objections constituted an irregular exercise of jurisdiction. The ITAT followed the judgment of the Hon'ble Delhi HC, emphasizing the necessity for a speaking order on objections before completing the assessment. Consequently, the additions based on interest income were deleted. en-us Fri, 16 Jun 2006 00:00:00 +0530 Mon, 04 Mar 2024 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62706 The appeals were partly allowed, with the ITAT directing the deletion of additions made in the assessment orders for the years 1997-98 and 1998-99. The ITAT found that the interest income from bank deposits fell within the principle of mutuality. Although the initiation of proceedings under section 147 was deemed valid, the failure to dispose of preliminary objections constituted an irregular exercise of jurisdiction. The ITAT followed the judgment of the Hon'ble Delhi HC, emphasizing the necessity for a speaking order on objections before completing the assessment. Consequently, the additions based on interest income were deleted. Case-Laws Income Tax Fri, 16 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62706