https://www.taxtmi.com/caselaws?id=241501 The High Court ruled in favor of the assessee on all substantial questions of law. It held that income from letting out of shops should be classified as "Income from Business" due to the business activities carried out by the assessee. The court allowed the deduction of interest on borrowed funds used for constructing the complex under section 36(1)(iii) and permitted the deduction of interest related to borrowings for setting up the business. Additionally, the court allowed the deduction of interest on accumulated arrears of interest and emphasized the assessee's right to raise legal issues beyond the claims made in income tax filings. en-us Thu, 19 Dec 2013 00:00:00 +0530 Wed, 25 Dec 2013 06:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241501 The High Court ruled in favor of the assessee on all substantial questions of law. It held that income from letting out of shops should be classified as "Income from Business" due to the business activities carried out by the assessee. The court allowed the deduction of interest on borrowed funds used for constructing the complex under section 36(1)(iii) and permitted the deduction of interest related to borrowings for setting up the business. Additionally, the court allowed the deduction of interest on accumulated arrears of interest and emphasized the assessee's right to raise legal issues beyond the claims made in income tax filings. Case-Laws Income Tax Thu, 19 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241501