https://www.taxtmi.com/caselaws?id=383794 The Tribunal ruled in favor of the assessee in a case involving the treatment of interest earned on inter-corporate deposits (ICDs) as business income. The Tribunal held that the interest income earned on ICDs should be treated as business income, similar to interest on fixed deposits. Additionally, the Tribunal allowed the expenditure incurred for earning interest as business expenditure, deleted the disallowance under section 14A read with Rule 8D, and permitted the claimed differential interest disallowance. The Tribunal confirmed the commencement of business operations, dismissing the Revenue's appeal. en-us Fri, 26 Jul 2019 00:00:00 +0530 Tue, 30 Jul 2019 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383794 The Tribunal ruled in favor of the assessee in a case involving the treatment of interest earned on inter-corporate deposits (ICDs) as business income. The Tribunal held that the interest income earned on ICDs should be treated as business income, similar to interest on fixed deposits. Additionally, the Tribunal allowed the expenditure incurred for earning interest as business expenditure, deleted the disallowance under section 14A read with Rule 8D, and permitted the claimed differential interest disallowance. The Tribunal confirmed the commencement of business operations, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383794