https://www.taxtmi.com/caselaws?id=393639 The Tribunal upheld the validity of the assessment reopening within the prescribed timeframe. It directed the assessing officer to delete the addition for the waiver of principal component under the O.T.S Scheme, previously rejected by higher authorities. The Tribunal remitted the disallowed interest and finance charges issue back to the AO for proper examination to determine business connection and compliance with relevant tax laws. The AO was instructed to conduct a thorough inquiry and decide the matter based on merits, allowing the assessee an effective opportunity. The appeal was partly allowed for statistical purposes. en-us Tue, 17 Mar 2020 00:00:00 +0530 Fri, 20 Mar 2020 13:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393639 The Tribunal upheld the validity of the assessment reopening within the prescribed timeframe. It directed the assessing officer to delete the addition for the waiver of principal component under the O.T.S Scheme, previously rejected by higher authorities. The Tribunal remitted the disallowed interest and finance charges issue back to the AO for proper examination to determine business connection and compliance with relevant tax laws. The AO was instructed to conduct a thorough inquiry and decide the matter based on merits, allowing the assessee an effective opportunity. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Tue, 17 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393639