https://www.taxtmi.com/caselaws?id=380132 The High Court allowed the appeal, ruling in favor of the appellant and against the Revenue regarding the jurisdiction of the Assessing Officer to reopen assessment under Section 147 of the Income Tax Act. The Court also held that only net interest should be deducted under Explanation (baa) to Section 80HHC, based on the precedent set by the Supreme Court in the case of ACG Associated Capsules Pvt. Ltd. Consequently, the appellant succeeded on both issues raised in the appeal. en-us Fri, 12 Apr 2019 00:00:00 +0530 Mon, 13 May 2019 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380132 The High Court allowed the appeal, ruling in favor of the appellant and against the Revenue regarding the jurisdiction of the Assessing Officer to reopen assessment under Section 147 of the Income Tax Act. The Court also held that only net interest should be deducted under Explanation (baa) to Section 80HHC, based on the precedent set by the Supreme Court in the case of ACG Associated Capsules Pvt. Ltd. Consequently, the appellant succeeded on both issues raised in the appeal. Case-Laws Income Tax Fri, 12 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380132