https://www.taxtmi.com/caselaws?id=69618 The Tribunal ruled in favor of the private limited company, holding that the interest income received should be treated as a reduction in project cost rather than ordinary income. The Tribunal found that the interest income offset the interest cost of the project, following accounting practices and legal precedents. The Madras High Court's decision focused on the deductibility of interest paid, not the taxability of interest income. Ultimately, the Tribunal allowed the company's appeal and annulled the assessment for the assessment year 1978-79. en-us Sat, 16 Jan 1982 00:00:00 +0530 Mon, 11 Apr 2011 10:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69618 The Tribunal ruled in favor of the private limited company, holding that the interest income received should be treated as a reduction in project cost rather than ordinary income. The Tribunal found that the interest income offset the interest cost of the project, following accounting practices and legal precedents. The Madras High Court's decision focused on the deductibility of interest paid, not the taxability of interest income. Ultimately, the Tribunal allowed the company's appeal and annulled the assessment for the assessment year 1978-79. Case-Laws Income Tax Sat, 16 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69618