https://www.taxtmi.com/caselaws?id=261121 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act, stating that there was tangible material indicating income escapement. The reassessment was deemed valid, rejecting the assessee's argument of a mere change of opinion. Additionally, the Tribunal upheld the disallowance of interest expenses, finding that the assessee failed to prove the borrowed funds were used for income-generating activities. The decision emphasized the necessity of establishing a clear nexus between funds and investments for business purposes. en-us Thu, 25 Jun 2015 00:00:00 +0530 Fri, 03 Jul 2015 07:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261121 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act, stating that there was tangible material indicating income escapement. The reassessment was deemed valid, rejecting the assessee's argument of a mere change of opinion. Additionally, the Tribunal upheld the disallowance of interest expenses, finding that the assessee failed to prove the borrowed funds were used for income-generating activities. The decision emphasized the necessity of establishing a clear nexus between funds and investments for business purposes. Case-Laws Income Tax Thu, 25 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261121