https://www.taxtmi.com/caselaws?id=68920 The Tribunal upheld the assessment of interest income as taxable under other sources but allowed a 10% deduction for related expenditures. The business was not considered to have commenced or been set up, and the expenditure on iron ore extraction for testing purposes was not allowed to be set off against the interest income. The interest income could not be capitalized to reduce the cost of the project. The appeals were allowed in part, with the 10% deduction for related expenditures being the only relief granted. en-us Sat, 05 Apr 1980 00:00:00 +0530 Sat, 02 Apr 2011 13:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68920 The Tribunal upheld the assessment of interest income as taxable under other sources but allowed a 10% deduction for related expenditures. The business was not considered to have commenced or been set up, and the expenditure on iron ore extraction for testing purposes was not allowed to be set off against the interest income. The interest income could not be capitalized to reduce the cost of the project. The appeals were allowed in part, with the 10% deduction for related expenditures being the only relief granted. Case-Laws Income Tax Sat, 05 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68920