https://www.taxtmi.com/caselaws?id=179344 The Tribunal allowed the Revenue's appeal, upholding the validity of the reopening of the assessment under Section 147 of the Income Tax Act. The Tribunal set aside the CIT(Appeals) order and remanded the case for further consideration, emphasizing the reasonableness of the Assessing Officer's prima facie opinion and critiquing the CIT(Appeals) for considering irrelevant factors in deeming the reopening as bad in law. The Tribunal supported the classification of interest income from Fixed Deposit Receipts as "Income from other sources" and upheld the computation of book profits and partners' remuneration under Section 40(b). en-us Fri, 14 May 2010 00:00:00 +0530 Wed, 16 Aug 2023 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179344 The Tribunal allowed the Revenue's appeal, upholding the validity of the reopening of the assessment under Section 147 of the Income Tax Act. The Tribunal set aside the CIT(Appeals) order and remanded the case for further consideration, emphasizing the reasonableness of the Assessing Officer's prima facie opinion and critiquing the CIT(Appeals) for considering irrelevant factors in deeming the reopening as bad in law. The Tribunal supported the classification of interest income from Fixed Deposit Receipts as "Income from other sources" and upheld the computation of book profits and partners' remuneration under Section 40(b). Case-Laws Income Tax Fri, 14 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179344