https://www.taxtmi.com/caselaws?id=359263 The Supreme Court upheld the decision of the High Court of Gujarat in Tax Appeal No. 235 of 2012, ruling that the interest income accrued on the deposit of share application money was not taxable for the Respondent. The Court found that the interest earned was linked to the company's obligation to raise share capital and could be adjusted against the expenses for the share issue. Therefore, the interest income was eligible for deduction against public issue expenses, as it pertained to the capital structure of the company. The appeals were dismissed, and parties were directed to bear their own costs. en-us Tue, 24 Apr 2018 00:00:00 +0530 Thu, 31 May 2018 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359263 The Supreme Court upheld the decision of the High Court of Gujarat in Tax Appeal No. 235 of 2012, ruling that the interest income accrued on the deposit of share application money was not taxable for the Respondent. The Court found that the interest earned was linked to the company's obligation to raise share capital and could be adjusted against the expenses for the share issue. Therefore, the interest income was eligible for deduction against public issue expenses, as it pertained to the capital structure of the company. The appeals were dismissed, and parties were directed to bear their own costs. Case-Laws Income Tax Tue, 24 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359263