https://www.taxtmi.com/caselaws?id=343165 The Tribunal dismissed the Assessee's appeal, affirming that interest earned on temporary fixed deposits of borrowed funds is taxable as income from other sources. It cannot be set off against interest expenditure or treated as a capital receipt. Additionally, the business loss cannot be carried forward and set off against the interest income since the business operations had not commenced. The Tribunal relied on the Supreme Court's decision in Tuticorin Alkali Chemicals & Fertilizers Ltd. to reject the Assessee's arguments on all issues. en-us Wed, 26 Apr 2017 00:00:00 +0530 Sat, 20 May 2017 09:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343165 The Tribunal dismissed the Assessee's appeal, affirming that interest earned on temporary fixed deposits of borrowed funds is taxable as income from other sources. It cannot be set off against interest expenditure or treated as a capital receipt. Additionally, the business loss cannot be carried forward and set off against the interest income since the business operations had not commenced. The Tribunal relied on the Supreme Court's decision in Tuticorin Alkali Chemicals & Fertilizers Ltd. to reject the Assessee's arguments on all issues. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343165