https://www.taxtmi.com/caselaws?id=71178 The Tribunal upheld the authorities' decisions in treating the interest received on share application monies as income from other sources and not allowing the expenditures incurred in the process of issuing shares to be set off against the interest received. The Tribunal dismissed both appeals filed by the assessee, citing precedents and emphasizing that the interest income should be taxed as revenue and that there was no provision for deductions on share-issue expenditures before the commencement of business. en-us Wed, 11 Apr 2001 00:00:00 +0530 Thu, 21 Apr 2011 17:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71178 The Tribunal upheld the authorities' decisions in treating the interest received on share application monies as income from other sources and not allowing the expenditures incurred in the process of issuing shares to be set off against the interest received. The Tribunal dismissed both appeals filed by the assessee, citing precedents and emphasizing that the interest income should be taxed as revenue and that there was no provision for deductions on share-issue expenditures before the commencement of business. Case-Laws Income Tax Wed, 11 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71178