https://www.taxtmi.com/caselaws?id=192227 The ITAT held that interest income generated from funds used for setting up a business should be treated as a capital receipt, not taxable under "income from other sources." Citing precedents, including SC's decision in Bokaro Steel Ltd., the Tribunal emphasized that such income linked to business activities should be taxed appropriately. The Court dismissed appeals, affirming ITAT's decision and ruling that the interest income was directly connected to the business establishment process, not falling under taxable income. en-us Thu, 17 Feb 2011 00:00:00 +0530 Tue, 25 Apr 2023 09:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192227 The ITAT held that interest income generated from funds used for setting up a business should be treated as a capital receipt, not taxable under "income from other sources." Citing precedents, including SC's decision in Bokaro Steel Ltd., the Tribunal emphasized that such income linked to business activities should be taxed appropriately. The Court dismissed appeals, affirming ITAT's decision and ruling that the interest income was directly connected to the business establishment process, not falling under taxable income. Case-Laws Income Tax Thu, 17 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192227