https://www.taxtmi.com/caselaws?id=121330 The Tribunal upheld the validity of reopening assessments under sections 147 and 148, referencing the Supreme Court decision in Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 291 ITR 500. The Tribunal confirmed that interest earned on client account deposits constitutes professional income for computing deductions under section 40(b), in line with the Bombay High Court's ruling in Manilal Kher Ambalal & Co. v. A.G. Lulla, Seventh ITO [1989] 176 ITR 253. The revenue's appeals were dismissed, and the CIT(A)'s decision on merits was upheld. en-us Tue, 07 Jul 2009 00:00:00 +0530 Sat, 28 Jul 2012 13:29:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121330 The Tribunal upheld the validity of reopening assessments under sections 147 and 148, referencing the Supreme Court decision in Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 291 ITR 500. The Tribunal confirmed that interest earned on client account deposits constitutes professional income for computing deductions under section 40(b), in line with the Bombay High Court's ruling in Manilal Kher Ambalal & Co. v. A.G. Lulla, Seventh ITO [1989] 176 ITR 253. The revenue's appeals were dismissed, and the CIT(A)'s decision on merits was upheld. Case-Laws Income Tax Tue, 07 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121330