Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (1) TMI 876 - AT - Income TaxIncome escaping assessment on the basis of change in law - held that:- reopening is valid in law as the same is based on certain materials that have come to the possession of the AO subsequent to completion of assessment u/s 143(3) of the Act and this material which is in the form of amendment of Act has led the AO to believe that income has escaped assessment. This is the view which any reasonable person would take and it cannot be said that there is change of opinion or that there is no escapement of income. Income treated as income from other sources - payment of interest should be allowed to be adjusted as admissible expenses u/s.57(iii) of the Act – Held that:- if interest income is treated as income from other sources, 10% of the income may be allowed as indirect cost for earning such interest, If the AO comes to conclusion that the interest income from FDRs is income from other sources, the alternative ground raised by the assessee may be considered as per law after giving reasonable opportunity to the assessee, appeal is partly allowed
|