https://www.taxtmi.com/caselaws?id=243639 The High Court upheld the Tribunal's findings in the case, dismissing Revenue's appeals. The reopening of the assessment was deemed illegal due to being beyond the limitation period and lacking new material facts. The payment of licence fee was allowed as business expenditure for necessary services, and interest on borrowed funds for strategic investments in shares was considered allowable as business expenditure, with a proximate nexus to the assessee's business operations. The Court emphasized the importance of specific, reliable information for reopening assessments and cited relevant case law to support its decisions. en-us Tue, 09 Jul 2013 00:00:00 +0530 Sat, 21 Feb 2015 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243639 The High Court upheld the Tribunal's findings in the case, dismissing Revenue's appeals. The reopening of the assessment was deemed illegal due to being beyond the limitation period and lacking new material facts. The payment of licence fee was allowed as business expenditure for necessary services, and interest on borrowed funds for strategic investments in shares was considered allowable as business expenditure, with a proximate nexus to the assessee's business operations. The Court emphasized the importance of specific, reliable information for reopening assessments and cited relevant case law to support its decisions. Case-Laws Income Tax Tue, 09 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243639