Court Approves Reopening of Assessment u/s 147 for Alleged Diversion of Interest-Bearing Funds; Assessee's Rights Upheld.

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....Reopening of assessment u/s 147 - disallowance of interest - diversion of interest bearing funds - there was sufficient material on the record for reopening/re-assessment of the case of the petitioner for the concerned assessment year. This court is not making any comment on the merits of the case. The assessee will have complete right to put up his case before the assessing officer. - HC....