https://www.taxtmi.com/caselaws?id=249308 The Court held that the notice for reopening the assessment under section 147 of the Income Tax Act, 1961 was invalid as the reasons recorded were not sustainable. The grounds for reopening, regarding the requirement of separate reports for each undertaking and the eligibility of interest received from trade debtors for deduction under section 80IA, were found to be unsustainable. Consequently, the notice for reopening and the subsequent reassessment order were quashed, with the Court emphasizing the necessity of a valid reason for reopening to assume jurisdiction under section 147. en-us Wed, 26 Feb 2014 00:00:00 +0530 Mon, 25 May 2026 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249308 The Court held that the notice for reopening the assessment under section 147 of the Income Tax Act, 1961 was invalid as the reasons recorded were not sustainable. The grounds for reopening, regarding the requirement of separate reports for each undertaking and the eligibility of interest received from trade debtors for deduction under section 80IA, were found to be unsustainable. Consequently, the notice for reopening and the subsequent reassessment order were quashed, with the Court emphasizing the necessity of a valid reason for reopening to assume jurisdiction under section 147. Case-Laws Income Tax Wed, 26 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249308