https://www.taxtmi.com/caselaws?id=243082 The Tribunal upheld the CIT(A)'s decision that the interest received by the assessee from the Government of Maharashtra constituted business receipts and was taxable in the year of receipt. Additionally, the Tribunal allowed the preoperative expenses and compensation as deductible expenses under Section 37(1) of the Income Tax Act. The Tribunal dismissed the Revenue's appeals, concluding that the reopening of the assessment was unnecessary given the favorable decisions on the substantive issues. en-us Mon, 29 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 18:18:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243082 The Tribunal upheld the CIT(A)'s decision that the interest received by the assessee from the Government of Maharashtra constituted business receipts and was taxable in the year of receipt. Additionally, the Tribunal allowed the preoperative expenses and compensation as deductible expenses under Section 37(1) of the Income Tax Act. The Tribunal dismissed the Revenue's appeals, concluding that the reopening of the assessment was unnecessary given the favorable decisions on the substantive issues. Case-Laws Income Tax Mon, 29 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243082