https://www.taxtmi.com/caselaws?id=417700 The court upheld the validity of reopening the assessment beyond four years under Section 10 of the Interest Tax Act, 1974, as chargeable interest had escaped assessment. It determined that the interest income earned was taxable under the Act, classifying the appellant as a "taxable person." However, the court found errors in the classification of advances given, emphasizing the need to specify the sub-clause under Section 2(5B). The matter was remanded for fresh consideration to determine the correct sub-clause. The appeals were disposed of without costs. en-us Thu, 27 Jan 2022 00:00:00 +0530 Fri, 29 Apr 2022 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417700 The court upheld the validity of reopening the assessment beyond four years under Section 10 of the Interest Tax Act, 1974, as chargeable interest had escaped assessment. It determined that the interest income earned was taxable under the Act, classifying the appellant as a "taxable person." However, the court found errors in the classification of advances given, emphasizing the need to specify the sub-clause under Section 2(5B). The matter was remanded for fresh consideration to determine the correct sub-clause. The appeals were disposed of without costs. Case-Laws Income Tax Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417700