https://www.taxtmi.com/caselaws?id=178235 The court allowed the deduction of interest paid on a loan for acquiring the brother's share in the family business under section 10(2)(iii) of the Indian Income-tax Act, emphasizing the genuine business purpose of the borrowing. It held that reopening assessments for the years 1953-54 and 1954-55 under section 34(1)(b) was unjustified as there was no new information or valid reason for reassessment. The court awarded costs to the assessee and clarified the legal principles governing deductions and conditions for reopening assessments. en-us Tue, 21 Apr 1964 00:00:00 +0530 Sat, 30 Jan 2016 16:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178235 The court allowed the deduction of interest paid on a loan for acquiring the brother's share in the family business under section 10(2)(iii) of the Indian Income-tax Act, emphasizing the genuine business purpose of the borrowing. It held that reopening assessments for the years 1953-54 and 1954-55 under section 34(1)(b) was unjustified as there was no new information or valid reason for reassessment. The court awarded costs to the assessee and clarified the legal principles governing deductions and conditions for reopening assessments. Case-Laws Income Tax Tue, 21 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178235