https://www.taxtmi.com/caselaws?id=376182 The ITAT Mumbai ruled in favor of the revenue department regarding the disallowance of traveling and other expenses claimed by a non-resident individual managing property in India. The expenses were not deemed to be exclusively laid out for earning income. However, the ITAT sided with the appellant in the assessment of interest on the income tax refund, stating that only interest finally determined on assessment can be taxed. The decision clarifies the criteria for deductions and taxation of interest income, emphasizing the necessity for expenses to be directly related to income generation and taxing only conclusively determined interest. en-us Mon, 25 Jun 2018 00:00:00 +0530 Mon, 04 Mar 2019 08:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376182 The ITAT Mumbai ruled in favor of the revenue department regarding the disallowance of traveling and other expenses claimed by a non-resident individual managing property in India. The expenses were not deemed to be exclusively laid out for earning income. However, the ITAT sided with the appellant in the assessment of interest on the income tax refund, stating that only interest finally determined on assessment can be taxed. The decision clarifies the criteria for deductions and taxation of interest income, emphasizing the necessity for expenses to be directly related to income generation and taxing only conclusively determined interest. Case-Laws Income Tax Mon, 25 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376182