https://www.taxtmi.com/caselaws?id=281366 The Tribunal upheld the validity of re-assessment proceedings under section 147 of the Income Tax Act, finding discrepancies in interest treatment and supporting the Assessing Officer's decision. Additionally, the disallowance of significant interest claimed under section 36(1)(iii) was affirmed due to lack of business nexus and diversion of funds. The appeal challenging these decisions was dismissed, with the Tribunal not addressing the issue of fee payment to the Registrar of Companies. The judgment was rendered on July 19, 2016, in Chennai. en-us Tue, 19 Jul 2016 00:00:00 +0530 Sun, 16 Jun 2019 06:22:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281366 The Tribunal upheld the validity of re-assessment proceedings under section 147 of the Income Tax Act, finding discrepancies in interest treatment and supporting the Assessing Officer's decision. Additionally, the disallowance of significant interest claimed under section 36(1)(iii) was affirmed due to lack of business nexus and diversion of funds. The appeal challenging these decisions was dismissed, with the Tribunal not addressing the issue of fee payment to the Registrar of Companies. The judgment was rendered on July 19, 2016, in Chennai. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281366