https://www.taxtmi.com/caselaws?id=26441 The Tribunal held that the proportionate interest on bank overdraft attributable to the chloramphenicol project was not an admissible deduction as it was deemed a separate business. The reopening of assessments for the years 1966-67 to 1968-69 was justified under section 147(b) based on new information discovered during the assessment for 1969-70. Additionally, the proportionate interest on bank overdraft attributable to income-tax payments was also deemed inadmissible. The High Court ruled in favor of the Revenue on all three issues, with each party bearing its own costs. en-us Tue, 18 Feb 1986 00:00:00 +0530 Fri, 05 Feb 2010 10:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26441 The Tribunal held that the proportionate interest on bank overdraft attributable to the chloramphenicol project was not an admissible deduction as it was deemed a separate business. The reopening of assessments for the years 1966-67 to 1968-69 was justified under section 147(b) based on new information discovered during the assessment for 1969-70. Additionally, the proportionate interest on bank overdraft attributable to income-tax payments was also deemed inadmissible. The High Court ruled in favor of the Revenue on all three issues, with each party bearing its own costs. Case-Laws Income Tax Tue, 18 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26441