https://www.taxtmi.com/caselaws?id=18516 The court held that the interest received before the commencement of business is taxable as income from other sources, contrary to the assessee's argument that it should be treated as a reduction in project cost. The court ruled in favor of the Department, stating that the interest income of Rs. 25,532 received on the deposit of paid-up capital is chargeable to tax. The court allowed the assessee to challenge the deductibility of interest payment of Rs. 2,666 before the Tribunal for further consideration. en-us Tue, 12 Sep 1995 00:00:00 +0530 Thu, 01 Oct 2009 13:39:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18516 The court held that the interest received before the commencement of business is taxable as income from other sources, contrary to the assessee's argument that it should be treated as a reduction in project cost. The court ruled in favor of the Department, stating that the interest income of Rs. 25,532 received on the deposit of paid-up capital is chargeable to tax. The court allowed the assessee to challenge the deductibility of interest payment of Rs. 2,666 before the Tribunal for further consideration. Case-Laws Income Tax Tue, 12 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18516