https://www.taxtmi.com/caselaws?id=381676 The High Court upheld the validity of re-assessment for the assessment year 2003-04, emphasizing the lack of substantial questions of law due to insufficient explanations provided by the assessee regarding interest-free loans to group companies. The Court dismissed the appeal, stating that the increase in unsecured loans and company income was not from business activity but from the redemption of mutual funds. The issue of set off of unabsorbed depreciation beyond eight assessment years was not extensively discussed, and the appeal was primarily dismissed based on the re-assessment issue. en-us Fri, 07 Jun 2019 00:00:00 +0530 Sun, 16 Jun 2019 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381676 The High Court upheld the validity of re-assessment for the assessment year 2003-04, emphasizing the lack of substantial questions of law due to insufficient explanations provided by the assessee regarding interest-free loans to group companies. The Court dismissed the appeal, stating that the increase in unsecured loans and company income was not from business activity but from the redemption of mutual funds. The issue of set off of unabsorbed depreciation beyond eight assessment years was not extensively discussed, and the appeal was primarily dismissed based on the re-assessment issue. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381676