https://www.taxtmi.com/caselaws?id=12879 The High Court upheld the Tribunal's decision in favor of the respondent-assessee, ruling that the pre-operative interest should not be considered taxable income as it was related to pre-operative project expenditure. The Court emphasized that the law applicable at the time of filing the return should govern the assessment under section 143(1)(a) of the Income-tax Act, 1961. As the respondent disclosed the interest income and followed the prevailing legal understanding, the Court found no substantial question of law in the case and dismissed the Revenue's appeal. en-us Thu, 16 Mar 2000 00:00:00 +0530 Fri, 22 May 2009 17:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12879 The High Court upheld the Tribunal's decision in favor of the respondent-assessee, ruling that the pre-operative interest should not be considered taxable income as it was related to pre-operative project expenditure. The Court emphasized that the law applicable at the time of filing the return should govern the assessment under section 143(1)(a) of the Income-tax Act, 1961. As the respondent disclosed the interest income and followed the prevailing legal understanding, the Court found no substantial question of law in the case and dismissed the Revenue's appeal. Case-Laws Income Tax Thu, 16 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12879