https://www.taxtmi.com/caselaws?id=249969 The High Court ruled in favor of the appellant, holding that the interest earned on short term deposits made for obtaining letters of credit should be treated as pre-operative expenses, not taxable as income from other sources. The judgment was based on legal precedents and the direct link between the interest earned and the acquisition of assets for setting up the plant and machinery. The Court allowed the appellant's claim, treating the interest earned on short term deposits as pre-operative expenses, and answered the substantial questions of law in favor of the assessee, ultimately allowing the appeal. en-us Fri, 25 Jul 2014 00:00:00 +0530 Tue, 29 Jul 2014 09:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249969 The High Court ruled in favor of the appellant, holding that the interest earned on short term deposits made for obtaining letters of credit should be treated as pre-operative expenses, not taxable as income from other sources. The judgment was based on legal precedents and the direct link between the interest earned and the acquisition of assets for setting up the plant and machinery. The Court allowed the appellant's claim, treating the interest earned on short term deposits as pre-operative expenses, and answered the substantial questions of law in favor of the assessee, ultimately allowing the appeal. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249969