https://www.taxtmi.com/caselaws?id=55792 The Tribunal upheld the Assessing Officer's decision that the assessee corporation had not commenced its business as the project was still under construction. The interest income earned was taxed under "Income from Other Sources," and the deduction of interest expenditure was denied. The claim for exemption under section 10(20A) was rejected. The reopening of assessment under section 147 was deemed valid, and the applicability of section 234D regarding interest on excess refund was upheld. The Tribunal ruled in favor of the Revenue, dismissing all appeals filed by the assessee. en-us Tue, 31 Aug 2004 00:00:00 +0530 Fri, 17 Jun 2016 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55792 The Tribunal upheld the Assessing Officer's decision that the assessee corporation had not commenced its business as the project was still under construction. The interest income earned was taxed under "Income from Other Sources," and the deduction of interest expenditure was denied. The claim for exemption under section 10(20A) was rejected. The reopening of assessment under section 147 was deemed valid, and the applicability of section 234D regarding interest on excess refund was upheld. The Tribunal ruled in favor of the Revenue, dismissing all appeals filed by the assessee. Case-Laws Income Tax Tue, 31 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55792