https://www.taxtmi.com/caselaws?id=65908 The Tribunal allowed the appeals, declaring the reassessments invalid under section 147(b) of the Income-tax Act. The disallowance of interest payments to members of an association of persons under section 36(1)(iii) was overturned. The Tribunal emphasized the lack of justification for the disallowance, citing relevant case law and rejecting conflicting decisions. The issue of potential double assessment of interest income in the hands of individual members and the association was also raised but not the basis for the decision. The reassessments were deemed legally invalid, leading to the favorable outcome for the assessee. en-us Tue, 25 May 1982 00:00:00 +0530 Sat, 19 Feb 2011 12:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65908 The Tribunal allowed the appeals, declaring the reassessments invalid under section 147(b) of the Income-tax Act. The disallowance of interest payments to members of an association of persons under section 36(1)(iii) was overturned. The Tribunal emphasized the lack of justification for the disallowance, citing relevant case law and rejecting conflicting decisions. The issue of potential double assessment of interest income in the hands of individual members and the association was also raised but not the basis for the decision. The reassessments were deemed legally invalid, leading to the favorable outcome for the assessee. Case-Laws Income Tax Tue, 25 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65908