https://www.taxtmi.com/caselaws?id=55582 The reassessment proceedings for the assessment years 1989-90 and 1990-91 were upheld by the Tribunal, allowing the reopening of assessments under Section 148 based on an honest belief of a mistake. The disallowance of wealth-tax payments on specified business assets was upheld. The exclusion of commission income and interest income for computing deductions under Sections 80-I/80-IA was also upheld. The Tribunal allowed deductions on certain interest income but disallowed deductions on interest from specific sources. The outcome resulted in partial allowance of the assessee's appeals for 1989-90 and 1990-91, dismissal of the appeal for 1992-93, and partial allowance of the Revenue's appeals with adjustments to deductions under Sections 80-I/80-IA. en-us Thu, 13 Dec 2001 00:00:00 +0530 Sat, 27 Nov 2010 18:22:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55582 The reassessment proceedings for the assessment years 1989-90 and 1990-91 were upheld by the Tribunal, allowing the reopening of assessments under Section 148 based on an honest belief of a mistake. The disallowance of wealth-tax payments on specified business assets was upheld. The exclusion of commission income and interest income for computing deductions under Sections 80-I/80-IA was also upheld. The Tribunal allowed deductions on certain interest income but disallowed deductions on interest from specific sources. The outcome resulted in partial allowance of the assessee's appeals for 1989-90 and 1990-91, dismissal of the appeal for 1992-93, and partial allowance of the Revenue's appeals with adjustments to deductions under Sections 80-I/80-IA. Case-Laws Income Tax Thu, 13 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55582