https://www.taxtmi.com/caselaws?id=122548 The Tribunal upheld the Assessing Officer's action in reopening the assessment, citing the Supreme Court's decision in a similar case. The claim for bad debts was disallowed as the advances were deemed capital investments. The disallowance of unrealised interest was remanded for verification. The issue of exclusion of certain receipts while computing deduction was sent back to the AO for reconsideration. Interest receipts were held not to be income from export earnings. The claim under section 80-IA was remanded for fresh consideration. The Accountant Member dissented on the validity of reopening, but the Third Member quashed the reopening, remitting the matter for further proceedings. en-us Tue, 22 Dec 2009 00:00:00 +0530 Mon, 09 Oct 2023 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122548 The Tribunal upheld the Assessing Officer's action in reopening the assessment, citing the Supreme Court's decision in a similar case. The claim for bad debts was disallowed as the advances were deemed capital investments. The disallowance of unrealised interest was remanded for verification. The issue of exclusion of certain receipts while computing deduction was sent back to the AO for reconsideration. Interest receipts were held not to be income from export earnings. The claim under section 80-IA was remanded for fresh consideration. The Accountant Member dissented on the validity of reopening, but the Third Member quashed the reopening, remitting the matter for further proceedings. Case-Laws Income Tax Tue, 22 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122548