https://www.taxtmi.com/caselaws?id=16883 The Tribunal held that interest income for specific assessment years should be taxed as "income from other sources" rather than as "business income" due to the pre-operative stage of the business. It was determined that the interest income earned was directly linked to acquiring assets, leading to a decision that the interest income should offset the cost of the assets. However, expenses for opening a letter of credit and interest on overdraft were not deductible from the interest income. The deduction claimed under section 80P(2)(c) was denied as the business had not commenced, making the pre-operative activities ineligible for the deduction. en-us Thu, 31 Jul 1997 00:00:00 +0530 Sat, 12 Sep 2009 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16883 The Tribunal held that interest income for specific assessment years should be taxed as "income from other sources" rather than as "business income" due to the pre-operative stage of the business. It was determined that the interest income earned was directly linked to acquiring assets, leading to a decision that the interest income should offset the cost of the assets. However, expenses for opening a letter of credit and interest on overdraft were not deductible from the interest income. The deduction claimed under section 80P(2)(c) was denied as the business had not commenced, making the pre-operative activities ineligible for the deduction. Case-Laws Income Tax Thu, 31 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16883