https://www.taxtmi.com/caselaws?id=333194 The Tribunal upheld the reopening of the assessment under Section 148 of the Income Tax Act, 1961, stating that it was in accordance with the law. It also upheld the disallowance of interest paid to partners on unexplained cash credits, emphasizing that the interest is payable only if the capital is brought in by the partners or borrowed from a third party. The Tribunal dismissed the appeal of the assessee, concluding that the income chargeable to tax had escaped assessment due to the wrongful claim of interest deduction in the original assessment. en-us Tue, 16 Aug 2016 00:00:00 +0530 Sat, 01 Oct 2016 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333194 The Tribunal upheld the reopening of the assessment under Section 148 of the Income Tax Act, 1961, stating that it was in accordance with the law. It also upheld the disallowance of interest paid to partners on unexplained cash credits, emphasizing that the interest is payable only if the capital is brought in by the partners or borrowed from a third party. The Tribunal dismissed the appeal of the assessee, concluding that the income chargeable to tax had escaped assessment due to the wrongful claim of interest deduction in the original assessment. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333194