https://www.taxtmi.com/caselaws?id=281867 The Tribunal upheld the CIT(A)'s decision, ruling that interest income earned before commencing business is taxable under "Income from Other Sources" as per section 56 of the Income Tax Act. The Tribunal also held that expenses incurred for setting up the business are not deductible from this interest income. The appeal was dismissed, aligning with the precedent set by the Supreme Court in Tuticorin Alkali Chemicals case. en-us Tue, 27 Nov 2018 00:00:00 +0530 Wed, 10 Jul 2019 06:37:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281867 The Tribunal upheld the CIT(A)'s decision, ruling that interest income earned before commencing business is taxable under "Income from Other Sources" as per section 56 of the Income Tax Act. The Tribunal also held that expenses incurred for setting up the business are not deductible from this interest income. The appeal was dismissed, aligning with the precedent set by the Supreme Court in Tuticorin Alkali Chemicals case. Case-Laws Income Tax Tue, 27 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281867