https://www.taxtmi.com/caselaws?id=71396 The Tribunal upheld the validity of the assessments by the Income Tax Officer under section 147(a) regarding interest income of Sangli Bank Ltd. as trustee. It confirmed jurisdiction under section 147(a) due to the bank's failure to file returns, and deemed the notices issued under section 148 as valid despite descriptive flaws. However, the Tribunal ruled against applying section 164(1) for taxing interest income at the maximum rate, stating it was receivable for known beneficiaries. The appeals were partially allowed, affirming assessments but rejecting the application of the maximum tax rate. en-us Mon, 11 Jul 1983 00:00:00 +0530 Sat, 23 Apr 2011 11:43:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71396 The Tribunal upheld the validity of the assessments by the Income Tax Officer under section 147(a) regarding interest income of Sangli Bank Ltd. as trustee. It confirmed jurisdiction under section 147(a) due to the bank's failure to file returns, and deemed the notices issued under section 148 as valid despite descriptive flaws. However, the Tribunal ruled against applying section 164(1) for taxing interest income at the maximum rate, stating it was receivable for known beneficiaries. The appeals were partially allowed, affirming assessments but rejecting the application of the maximum tax rate. Case-Laws Income Tax Mon, 11 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71396