https://www.taxtmi.com/caselaws?id=264498 The tribunal dismissed the appeal, ruling against the reopening of assessment under section 147 of the Income Tax Act after four years, deeming it a 'change of opinion' without tangible material. Additionally, the tribunal upheld the deletion of the addition under section 41(1) for interest waived by banks, emphasizing that it did not constitute a 'cessation of liability' and could not be taxed under section 115JB. The tribunal criticized the unnecessary appeal by the Revenue, highlighting the lack of merit and the need for a more considered approach to prevent unnecessary litigation. en-us Tue, 30 Jun 2015 00:00:00 +0530 Sat, 26 Sep 2015 00:14:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264498 The tribunal dismissed the appeal, ruling against the reopening of assessment under section 147 of the Income Tax Act after four years, deeming it a 'change of opinion' without tangible material. Additionally, the tribunal upheld the deletion of the addition under section 41(1) for interest waived by banks, emphasizing that it did not constitute a 'cessation of liability' and could not be taxed under section 115JB. The tribunal criticized the unnecessary appeal by the Revenue, highlighting the lack of merit and the need for a more considered approach to prevent unnecessary litigation. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264498