https://www.taxtmi.com/caselaws?id=214225 The Tribunal upheld the reopening of the assessment under section 147 of the Income-tax Act, 1961, finding no change of opinion by the Assessing Officer. The challenge to the reopening was dismissed. However, the disallowance of excess remuneration to working partners under section 40(b)(v) was overturned, with the interest income on bank deposits considered as business income and included in the 'book profit' for calculating partner remuneration. Alternative contentions regarding the treatment of interest income and partner remuneration were dismissed. en-us Fri, 29 Jul 2011 00:00:00 +0530 Sat, 23 Jun 2012 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214225 The Tribunal upheld the reopening of the assessment under section 147 of the Income-tax Act, 1961, finding no change of opinion by the Assessing Officer. The challenge to the reopening was dismissed. However, the disallowance of excess remuneration to working partners under section 40(b)(v) was overturned, with the interest income on bank deposits considered as business income and included in the 'book profit' for calculating partner remuneration. Alternative contentions regarding the treatment of interest income and partner remuneration were dismissed. Case-Laws Income Tax Fri, 29 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214225