https://www.taxtmi.com/caselaws?id=256004 The Tribunal allowed the appeals for assessment years 1998-99 to 2001-02 due to the illegality of reopening assessments under section 148 as reasons for reopening were not communicated. For the assessment year 2002-03, the Tribunal directed the AO to classify interest income from Maneklal Bhandari as business income and allow disallowed business expenses. The levy of interest under section 234B was upheld as consequential to tax computation. en-us Fri, 26 Dec 2014 00:00:00 +0530 Mon, 02 Feb 2015 11:20:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256004 The Tribunal allowed the appeals for assessment years 1998-99 to 2001-02 due to the illegality of reopening assessments under section 148 as reasons for reopening were not communicated. For the assessment year 2002-03, the Tribunal directed the AO to classify interest income from Maneklal Bhandari as business income and allow disallowed business expenses. The levy of interest under section 234B was upheld as consequential to tax computation. Case-Laws Income Tax Fri, 26 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256004