2000 (8) TMI 49 - HC - Income Tax

Summary

The High Court of Madras ruled in a tax case brought by the Commissioner of Income-tax, Tamil Nadu-I. The court found that the reopening of the assessment under section 147(b) was not valid and that the gross interest payment incurred in foreign branches was entitled to deduction under section 35B. The judgment was delivered by N. K. Jain and K. Raviraja Pandian. The case was disposed of with no costs.