https://www.taxtmi.com/caselaws?id=405226 The Tribunal partly allowed the assessee's appeal, ruling in favor of the assessee on the tax treatment of interest income on Fixed Deposit Receipts (FDRs), considering it as business income due to its connection with awarded contracts. The issue of income from an insurance claim was remanded for fresh adjudication as the authorized representative was absent during arguments. The Tribunal found the reopening of assessment under sec. 147 illegal and without jurisdiction but proceeded based on available records due to the representative's demise. Other grounds raised were not decided, with the Tribunal focusing on the assessment additions' merits. en-us Tue, 02 Mar 2021 00:00:00 +0530 Mon, 15 Mar 2021 08:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405226 The Tribunal partly allowed the assessee's appeal, ruling in favor of the assessee on the tax treatment of interest income on Fixed Deposit Receipts (FDRs), considering it as business income due to its connection with awarded contracts. The issue of income from an insurance claim was remanded for fresh adjudication as the authorized representative was absent during arguments. The Tribunal found the reopening of assessment under sec. 147 illegal and without jurisdiction but proceeded based on available records due to the representative's demise. Other grounds raised were not decided, with the Tribunal focusing on the assessment additions' merits. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405226