https://www.taxtmi.com/caselaws?id=327484 The Tribunal held that the Assessing Officer had jurisdiction to reopen the assessment under Section 147 within the time limit. However, the disallowance of interest expenses on Kotak Term Loans was deemed unjustified as the assessee had adequate interest-free funds available. Consequently, the addition for disallowance of interest expenses was deleted, resulting in the appeal being partly allowed. en-us Fri, 01 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 01:21:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327484 The Tribunal held that the Assessing Officer had jurisdiction to reopen the assessment under Section 147 within the time limit. However, the disallowance of interest expenses on Kotak Term Loans was deemed unjustified as the assessee had adequate interest-free funds available. Consequently, the addition for disallowance of interest expenses was deleted, resulting in the appeal being partly allowed. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327484