https://www.taxtmi.com/caselaws?id=70929 The Tribunal upheld the reopening of assessment under Section 147 of the IT Act, stating that the assessing officer had valid reasons to believe income had escaped assessment. It ruled that interest income credited to partners' accounts was taxable and deemed received, rejecting the partners' argument to follow a different accounting method from the firm. The charging of interest under Sections 234A and 234B was upheld as compensatory and mandatory, leading to the dismissal of the assessee's cross-objections and allowing the Revenue's appeals. en-us Fri, 13 Oct 2006 00:00:00 +0530 Wed, 20 Apr 2011 11:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70929 The Tribunal upheld the reopening of assessment under Section 147 of the IT Act, stating that the assessing officer had valid reasons to believe income had escaped assessment. It ruled that interest income credited to partners' accounts was taxable and deemed received, rejecting the partners' argument to follow a different accounting method from the firm. The charging of interest under Sections 234A and 234B was upheld as compensatory and mandatory, leading to the dismissal of the assessee's cross-objections and allowing the Revenue's appeals. Case-Laws Income Tax Fri, 13 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70929