https://www.taxtmi.com/caselaws?id=151176 The Tribunal partly allowed the appeal, setting aside the Commissioner of Income-tax (Appeals) order and remanding the case to the Assessing Officer. The reassessment proceedings were deemed valid due to the lack of application of mind by the Assessing Officer in the original assessment. The Tribunal directed the AO to reexamine the nexus between interest received and interest payment for the purpose of computing the deduction under section 80HHC, allowing for netting of interest income against interest payment. en-us Thu, 17 Dec 2009 00:00:00 +0530 Fri, 31 May 2013 18:42:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151176 The Tribunal partly allowed the appeal, setting aside the Commissioner of Income-tax (Appeals) order and remanding the case to the Assessing Officer. The reassessment proceedings were deemed valid due to the lack of application of mind by the Assessing Officer in the original assessment. The Tribunal directed the AO to reexamine the nexus between interest received and interest payment for the purpose of computing the deduction under section 80HHC, allowing for netting of interest income against interest payment. Case-Laws Income Tax Thu, 17 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151176