https://www.taxtmi.com/caselaws?id=151670 The interest received by the assessee amounting to Rs. 27,94,929 was held to be taxable as income from other sources. The Assessing Officer disallowed the assessee's claim that the interest was adjusted against project expenses, following the Supreme Court decisions in Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT and CIT v. Bokaro Steel Ltd. The Tribunal upheld this decision, noting the lack of evidence proving that placing funds in fixed deposits was a precondition for loan disbursement. As a result, the appeal of the assessee was dismissed on October 7, 2008. en-us Tue, 07 Oct 2008 00:00:00 +0530 Tue, 11 Jun 2013 16:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151670 The interest received by the assessee amounting to Rs. 27,94,929 was held to be taxable as income from other sources. The Assessing Officer disallowed the assessee's claim that the interest was adjusted against project expenses, following the Supreme Court decisions in Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT and CIT v. Bokaro Steel Ltd. The Tribunal upheld this decision, noting the lack of evidence proving that placing funds in fixed deposits was a precondition for loan disbursement. As a result, the appeal of the assessee was dismissed on October 7, 2008. Case-Laws Income Tax Tue, 07 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151670