https://www.taxtmi.com/caselaws?id=273911 The tribunal ruled in favor of the appellant on all issues, holding that interest income should be classified as business income rather than 'Income from other Sources.' The tribunal emphasized that once construction activity starts, the business commences. Consequently, the relief under sections 70 or 71 was deemed applicable, and the addition of interest income was deleted. The tribunal also found in favor of the appellant regarding the consideration of written submissions during appellate proceedings. Overall, the appellant's appeal was allowed, underscoring the significance of accurately assessing income in alignment with business activities for determining tax liability. en-us Fri, 06 Feb 2015 00:00:00 +0530 Fri, 20 Jul 2018 05:42:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273911 The tribunal ruled in favor of the appellant on all issues, holding that interest income should be classified as business income rather than 'Income from other Sources.' The tribunal emphasized that once construction activity starts, the business commences. Consequently, the relief under sections 70 or 71 was deemed applicable, and the addition of interest income was deleted. The tribunal also found in favor of the appellant regarding the consideration of written submissions during appellate proceedings. Overall, the appellant's appeal was allowed, underscoring the significance of accurately assessing income in alignment with business activities for determining tax liability. Case-Laws Income Tax Fri, 06 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273911