https://www.taxtmi.com/caselaws?id=305807 The court upheld the validity of the reopening of the assessment under Section 147 of the Income Tax Act, finding that the Assessing Officer had tangible material to support the belief that income had escaped assessment due to incorrect allowance of deduction on interest income from fixed deposits with cooperative and nationalized banks. It was concluded that such interest income does not qualify for deduction under Section 80P(2)(d). The court dismissed the petition, permitting the reassessment to proceed as per the law. en-us Tue, 04 Jan 2022 00:00:00 +0530 Sat, 16 May 2026 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305807 The court upheld the validity of the reopening of the assessment under Section 147 of the Income Tax Act, finding that the Assessing Officer had tangible material to support the belief that income had escaped assessment due to incorrect allowance of deduction on interest income from fixed deposits with cooperative and nationalized banks. It was concluded that such interest income does not qualify for deduction under Section 80P(2)(d). The court dismissed the petition, permitting the reassessment to proceed as per the law. Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305807