https://www.taxtmi.com/caselaws?id=423180 The Tribunal ruled in favor of the assessee, quashing the reassessment proceedings for lack of jurisdiction. It held that interest income earned on temporarily parked funds should be treated as a capital receipt, not taxable as income from other sources. The decision emphasized that reopening assessments based on a mere change of opinion is impermissible and that interest earned on funds designated for specific business purposes qualifies as a capital receipt. en-us Mon, 09 May 2022 00:00:00 +0530 Wed, 01 Jun 2022 07:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423180 The Tribunal ruled in favor of the assessee, quashing the reassessment proceedings for lack of jurisdiction. It held that interest income earned on temporarily parked funds should be treated as a capital receipt, not taxable as income from other sources. The decision emphasized that reopening assessments based on a mere change of opinion is impermissible and that interest earned on funds designated for specific business purposes qualifies as a capital receipt. Case-Laws Income Tax Mon, 09 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423180