https://www.taxtmi.com/caselaws?id=181094 The Tribunal dismissed the first ground against the reopening of assessment under Section 147. Interest income was added under "income from other sources" due to non-commencement of business activities. Deduction of interest expenditure was allowed under Section 57(iii). The addition of miscellaneous receipts to other income was partially upheld. Capitalization of interest expenditure was permitted. Tolling income was assessed separately but adjusted. Accrued interest income was waived. The levy of interest under Sections 234A to 234D was upheld, and the initiation of penalty proceedings under Sections 271(1)(c) and 271B was dismissed. en-us Fri, 13 Nov 2009 00:00:00 +0530 Thu, 07 Apr 2016 10:44:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181094 The Tribunal dismissed the first ground against the reopening of assessment under Section 147. Interest income was added under "income from other sources" due to non-commencement of business activities. Deduction of interest expenditure was allowed under Section 57(iii). The addition of miscellaneous receipts to other income was partially upheld. Capitalization of interest expenditure was permitted. Tolling income was assessed separately but adjusted. Accrued interest income was waived. The levy of interest under Sections 234A to 234D was upheld, and the initiation of penalty proceedings under Sections 271(1)(c) and 271B was dismissed. Case-Laws Income Tax Fri, 13 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181094