https://www.taxtmi.com/caselaws?id=178877 The Tribunal upheld the validity of the reopening of assessment under section 147 of the Income-tax Act, citing new information justifying the reassessment. It also confirmed the jurisdiction of the Assessing Officer despite challenges regarding the non-issuance/service of notice under section 143(2). Additionally, the Tribunal ruled in favor of classifying interest income as "Income from other sources" rather than business income, emphasizing the lack of direct nexus with the EOU's export activities. The appeal was dismissed, affirming the decisions on all three issues. en-us Fri, 12 Mar 2010 00:00:00 +0530 Thu, 05 Oct 2023 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178877 The Tribunal upheld the validity of the reopening of assessment under section 147 of the Income-tax Act, citing new information justifying the reassessment. It also confirmed the jurisdiction of the Assessing Officer despite challenges regarding the non-issuance/service of notice under section 143(2). Additionally, the Tribunal ruled in favor of classifying interest income as "Income from other sources" rather than business income, emphasizing the lack of direct nexus with the EOU's export activities. The appeal was dismissed, affirming the decisions on all three issues. Case-Laws Income Tax Fri, 12 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178877