https://www.taxtmi.com/caselaws?id=15000 The High Court ruled in favor of the Revenue, holding that income derived during the formation period for the main business is taxable, contrary to the assessee's claim. The judgment emphasized that income earned during the formative stage is taxable as per statutory provisions, regardless of its utilization. The decision highlighted the significance of legal precedents and the impact of apex court decisions on interpreting the law correctly. Ultimately, the judgment affirmed the taxability of the income against the project cost for the oil refinery and petrochemicals, the main business for which the company was established. en-us Wed, 29 Jul 1998 00:00:00 +0530 Mon, 27 Jul 2009 15:37:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15000 The High Court ruled in favor of the Revenue, holding that income derived during the formation period for the main business is taxable, contrary to the assessee's claim. The judgment emphasized that income earned during the formative stage is taxable as per statutory provisions, regardless of its utilization. The decision highlighted the significance of legal precedents and the impact of apex court decisions on interpreting the law correctly. Ultimately, the judgment affirmed the taxability of the income against the project cost for the oil refinery and petrochemicals, the main business for which the company was established. Case-Laws Income Tax Wed, 29 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15000