https://www.taxtmi.com/caselaws?id=13493 The court upheld the assessment of interest income as taxable income from other sources, relying on precedents such as Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT. Despite the appellant's argument that expenses should not be disallowed due to business initiation, all authorities agreed no business transactions occurred. The Tribunal allowed certain expenses for maintaining company status, which the High Court, though noting a deviation from strict law, did not interfere with due to lack of Revenue appeal. The court dismissed the appeal, finding no substantial question of law for consideration. en-us Fri, 10 Mar 2006 00:00:00 +0530 Fri, 29 May 2009 12:03:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13493 The court upheld the assessment of interest income as taxable income from other sources, relying on precedents such as Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT. Despite the appellant's argument that expenses should not be disallowed due to business initiation, all authorities agreed no business transactions occurred. The Tribunal allowed certain expenses for maintaining company status, which the High Court, though noting a deviation from strict law, did not interfere with due to lack of Revenue appeal. The court dismissed the appeal, finding no substantial question of law for consideration. Case-Laws Income Tax Fri, 10 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13493