https://www.taxtmi.com/caselaws?id=419580 The tribunal upheld the validity of reassessment proceedings for the assessment year 2008-09 based on audit objections, dismissing the appellant's argument of lack of fresh tangible material. Additionally, the tribunal confirmed the taxation of interest income earned on loans and advances to sister concerns under 'Income from other sources,' rejecting the appellant's claim of using borrowed funds for business purposes. The appeal was dismissed, affirming both the reassessment proceedings and the taxation of interest income. en-us Fri, 11 Mar 2022 00:00:00 +0530 Tue, 15 Mar 2022 08:27:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419580 The tribunal upheld the validity of reassessment proceedings for the assessment year 2008-09 based on audit objections, dismissing the appellant's argument of lack of fresh tangible material. Additionally, the tribunal confirmed the taxation of interest income earned on loans and advances to sister concerns under 'Income from other sources,' rejecting the appellant's claim of using borrowed funds for business purposes. The appeal was dismissed, affirming both the reassessment proceedings and the taxation of interest income. Case-Laws Income Tax Fri, 11 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419580