https://www.taxtmi.com/caselaws?id=56661 The Tribunal affirmed the validity of reopening proceedings under section 147 of the Income-tax Act, 1961, rejecting the grounds of appeal. It clarified that relief under section 80J is not applicable to units started with borrowed funds. Additionally, it upheld the disallowance of interest under section 40(b) based on the Allahabad High Court's decision, dismissing the appeal and confirming all decisions in the case. en-us Wed, 21 May 1986 00:00:00 +0530 Mon, 06 Dec 2010 11:40:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56661 The Tribunal affirmed the validity of reopening proceedings under section 147 of the Income-tax Act, 1961, rejecting the grounds of appeal. It clarified that relief under section 80J is not applicable to units started with borrowed funds. Additionally, it upheld the disallowance of interest under section 40(b) based on the Allahabad High Court's decision, dismissing the appeal and confirming all decisions in the case. Case-Laws Income Tax Wed, 21 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56661