https://www.taxtmi.com/caselaws?id=120443 The ITAT dismissed the assessee's claim for business expense deductions for the assessment year 1998-99, ruling that the business was not "set up" during the relevant period. However, it agreed with the assessee on the taxability of interest income from Fixed Deposit Receipts (FDRs), determining that such income should be recognized in the year the FDRs mature. Consequently, the interest income was not taxable in 1998-99 but was taxable in 1999-2000. The ITAT directed the AO to adjust the interest income accordingly for the assessment year 1999-2000. en-us Fri, 08 Aug 2008 00:00:00 +0530 Tue, 28 Nov 2023 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120443 The ITAT dismissed the assessee's claim for business expense deductions for the assessment year 1998-99, ruling that the business was not "set up" during the relevant period. However, it agreed with the assessee on the taxability of interest income from Fixed Deposit Receipts (FDRs), determining that such income should be recognized in the year the FDRs mature. Consequently, the interest income was not taxable in 1998-99 but was taxable in 1999-2000. The ITAT directed the AO to adjust the interest income accordingly for the assessment year 1999-2000. Case-Laws Income Tax Fri, 08 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120443