https://www.taxtmi.com/caselaws?id=21775 The High Court upheld the Tribunal's decision, ruling in favor of the assessee on both issues. The reassessment under section 147(b) was deemed unauthorized as it solely relied on a Revenue audit objection without proper assessment by the Assessing Officer. The taxability of interest from sticky loans in the 'Interest Suspense Account' was also in favor of the assessee, with the Court emphasizing the necessity of independent legal evaluation in assessment proceedings. The Court concluded that the reopening of assessment based solely on audit objections without proper legal assessment was not valid. en-us Tue, 24 Sep 1991 00:00:00 +0530 Fri, 21 Mar 2025 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21775 The High Court upheld the Tribunal's decision, ruling in favor of the assessee on both issues. The reassessment under section 147(b) was deemed unauthorized as it solely relied on a Revenue audit objection without proper assessment by the Assessing Officer. The taxability of interest from sticky loans in the 'Interest Suspense Account' was also in favor of the assessee, with the Court emphasizing the necessity of independent legal evaluation in assessment proceedings. The Court concluded that the reopening of assessment based solely on audit objections without proper legal assessment was not valid. Case-Laws Income Tax Tue, 24 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21775