https://www.taxtmi.com/caselaws?id=116986 The Tribunal upheld the reopening of assessment under section 147 of the Act, finding it valid due to the Assessing Officer's belief that the deduction under section 80HHC was incorrectly granted. Regarding the computation of deduction under section 80HHC, the Tribunal directed the deduction to be granted before setting off any losses or allowances from previous years. Additionally, the Tribunal held that only the gross interest income should be considered for computing the allowance under section 80HHC, not the net interest income. The Tribunal partially allowed the appeal, instructing the Assessing Officer on the proper granting of deductions under section 80HHC. en-us Fri, 30 May 2003 00:00:00 +0530 Tue, 19 Jun 2012 13:47:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116986 The Tribunal upheld the reopening of assessment under section 147 of the Act, finding it valid due to the Assessing Officer's belief that the deduction under section 80HHC was incorrectly granted. Regarding the computation of deduction under section 80HHC, the Tribunal directed the deduction to be granted before setting off any losses or allowances from previous years. Additionally, the Tribunal held that only the gross interest income should be considered for computing the allowance under section 80HHC, not the net interest income. The Tribunal partially allowed the appeal, instructing the Assessing Officer on the proper granting of deductions under section 80HHC. Case-Laws Income Tax Fri, 30 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116986