https://www.taxtmi.com/caselaws?id=9416 The High Court of ALLAHABAD held that interest earned on amounts kept in a special deposit account by a co-operative society for construction purposes is taxable income from other sources, not deductible from construction costs. The Court ruled in favor of the Revenue, contrary to the Tribunal's decision, emphasizing that such interest, even during the construction stage, is subject to taxation. The interest earned was deemed taxable income, aligning with previous judgments and Supreme Court decisions, without costs imposed on either party. en-us Thu, 07 Apr 2005 00:00:00 +0530 Wed, 14 Sep 2016 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9416 The High Court of ALLAHABAD held that interest earned on amounts kept in a special deposit account by a co-operative society for construction purposes is taxable income from other sources, not deductible from construction costs. The Court ruled in favor of the Revenue, contrary to the Tribunal's decision, emphasizing that such interest, even during the construction stage, is subject to taxation. The interest earned was deemed taxable income, aligning with previous judgments and Supreme Court decisions, without costs imposed on either party. Case-Laws Income Tax Thu, 07 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9416