https://www.taxtmi.com/caselaws?id=13900 The High Court of Madras affirmed the Tribunal's authority to grant relief based on consequential findings, allowing new grounds to be raised for accurate tax assessment. The Court held that interest on borrowed capital used for investments cannot be deducted from business income but should be considered in income from other sources. Emphasizing the Tribunal's duty to prevent miscarriage of justice, the Court ruled in favor of the assessee's entitlement to relief, even without a specific plea. The decision in T.C.M. Ps. Nos. 50 to 53 of 1999 was upheld, aligning with established legal principles. en-us Mon, 04 Dec 2000 00:00:00 +0530 Sat, 04 Jul 2009 18:13:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13900 The High Court of Madras affirmed the Tribunal's authority to grant relief based on consequential findings, allowing new grounds to be raised for accurate tax assessment. The Court held that interest on borrowed capital used for investments cannot be deducted from business income but should be considered in income from other sources. Emphasizing the Tribunal's duty to prevent miscarriage of justice, the Court ruled in favor of the assessee's entitlement to relief, even without a specific plea. The decision in T.C.M. Ps. Nos. 50 to 53 of 1999 was upheld, aligning with established legal principles. Case-Laws Income Tax Mon, 04 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13900