https://www.taxtmi.com/caselaws?id=384262 Reopening under section 148 was upheld because the record did not show any prior conscious examination of the cessation of banking activity, so the challenge as a mere change of opinion failed. Interest on surplus deposits with nationalised banks was held not attributable to the business of providing credit to members and was excluded from deduction under section 80P(2)(a)(i), but only net interest after related was to be removed; limited verification of one bank-interest item was remitted. Unabsorbed business loss could not be carried forward after discontinuance of the banking business. Profit from sale of lockers and vaults was treated as assessable outside the claimed deduction and the addition was sustained. en-us Wed, 07 Aug 2019 00:00:00 +0530 Thu, 08 Aug 2019 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384262 Reopening under section 148 was upheld because the record did not show any prior conscious examination of the cessation of banking activity, so the challenge as a mere change of opinion failed. Interest on surplus deposits with nationalised banks was held not attributable to the business of providing credit to members and was excluded from deduction under section 80P(2)(a)(i), but only net interest after related was to be removed; limited verification of one bank-interest item was remitted. Unabsorbed business loss could not be carried forward after discontinuance of the banking business. Profit from sale of lockers and vaults was treated as assessable outside the claimed deduction and the addition was sustained. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384262