https://www.taxtmi.com/caselaws?id=17450 The High Court held that the interest income earned during the construction period should be capitalized and not treated as income from "Other sources." Emphasizing the nexus between borrowed funds and interest earned, aligning with accounting principles and the Companies Act, the Court ruled in favor of the assessee. This decision resolved the judicial cleavage on the issue, departing from the ITAT's ruling and allowing the appellant a deduction under section 57(iii) of the Income-tax Act, 1961. en-us Wed, 10 Jul 1996 00:00:00 +0530 Tue, 22 Sep 2009 14:07:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17450 The High Court held that the interest income earned during the construction period should be capitalized and not treated as income from "Other sources." Emphasizing the nexus between borrowed funds and interest earned, aligning with accounting principles and the Companies Act, the Court ruled in favor of the assessee. This decision resolved the judicial cleavage on the issue, departing from the ITAT's ruling and allowing the appellant a deduction under section 57(iii) of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 10 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17450