https://www.taxtmi.com/caselaws?id=261981 The ITAT Mumbai upheld the reopening of assessment under section 147 of the Income Tax Act due to errors in income assessment. The appeal against treating interest income on inter corporate deposits as "Income from other sources" instead of "Business income" was partly allowed for statistical purposes. The ITAT remanded the issue back to the AO for verification, considering the assessee's business nature and historical assessment as business income. en-us Fri, 06 Feb 2015 00:00:00 +0530 Wed, 18 Feb 2015 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261981 The ITAT Mumbai upheld the reopening of assessment under section 147 of the Income Tax Act due to errors in income assessment. The appeal against treating interest income on inter corporate deposits as "Income from other sources" instead of "Business income" was partly allowed for statistical purposes. The ITAT remanded the issue back to the AO for verification, considering the assessee's business nature and historical assessment as business income. Case-Laws Income Tax Fri, 06 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261981