https://www.taxtmi.com/caselaws?id=185612 The appeal filed by the assessee was partly allowed. The matter of exemption of interest receipt was sent back to the Assessing Officer (AO) for a reasoned decision as the principle of mutuality application was not adequately explained. However, the issue of setting off losses against interest income was decided against the assessee based on legal precedent, with the Income Tax Appellate Tribunal (ITAT) holding that the principle of mutuality and set-off of losses operate in different fields. en-us Fri, 16 Nov 2012 00:00:00 +0530 Mon, 22 Aug 2016 10:42:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185612 The appeal filed by the assessee was partly allowed. The matter of exemption of interest receipt was sent back to the Assessing Officer (AO) for a reasoned decision as the principle of mutuality application was not adequately explained. However, the issue of setting off losses against interest income was decided against the assessee based on legal precedent, with the Income Tax Appellate Tribunal (ITAT) holding that the principle of mutuality and set-off of losses operate in different fields. Case-Laws Income Tax Fri, 16 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185612