https://www.taxtmi.com/caselaws?id=9779 Reopening of assessment under section 10 of the Interest-tax Act was invalid because the recorded reasons disclosed only a change of opinion on the same material and no acceptable information from an extraneous source; the reassessment could not be sustained. Interest on securities was not chargeable interest under section 2(7) because the statutory definition was construed restrictively as confined to interest on loans and advances, and the Act's scheme did not extend the charge to securities. The reference was answered in favour of the assessee banks and against the Revenue. en-us Fri, 23 Sep 2005 00:00:00 +0530 Tue, 30 Jun 2009 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9779 Reopening of assessment under section 10 of the Interest-tax Act was invalid because the recorded reasons disclosed only a change of opinion on the same material and no acceptable information from an extraneous source; the reassessment could not be sustained. Interest on securities was not chargeable interest under section 2(7) because the statutory definition was construed restrictively as confined to interest on loans and advances, and the Act's scheme did not extend the charge to securities. The reference was answered in favour of the assessee banks and against the Revenue. Case-Laws Income Tax Fri, 23 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9779