https://www.taxtmi.com/caselaws?id=23647 The High Court upheld the validity of the assessment reopening under section 147(b) and affirmed the inclusion of interest income in the assessment for the year 1969-70, contrary to the Tribunal's decision. The Court ruled in favor of the Revenue, emphasizing that the Income-tax Officer acted correctly in reopening the assessment based on new information indicating the interest should have been included. This judgment clarifies the treatment of interest income accrual, the importance of relevant facts in reassessment, and the authority of the Income-tax Officer to reopen assessments. en-us Mon, 18 Jul 1988 00:00:00 +0530 Wed, 23 Dec 2009 10:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23647 The High Court upheld the validity of the assessment reopening under section 147(b) and affirmed the inclusion of interest income in the assessment for the year 1969-70, contrary to the Tribunal's decision. The Court ruled in favor of the Revenue, emphasizing that the Income-tax Officer acted correctly in reopening the assessment based on new information indicating the interest should have been included. This judgment clarifies the treatment of interest income accrual, the importance of relevant facts in reassessment, and the authority of the Income-tax Officer to reopen assessments. Case-Laws Income Tax Mon, 18 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23647