https://www.taxtmi.com/caselaws?id=282664 The Tribunal classified interest income as business income, citing the inextricable link to the business activity of a special purpose vehicle engaged in a project. The deduction of interest expenditure against taxable income was not pressed and decided in favor of the revenue. The issue of revenue expenditure allowance or capitalization was remanded back to the Assessing Officer for fresh consideration. The liability to pay interest under Section 234D was not elaborated upon. The appeal was allowed for statistical purposes, with specific directions on the treatment of interest income and revenue expenditure. en-us Wed, 28 Nov 2018 00:00:00 +0530 Sun, 18 Aug 2019 08:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282664 The Tribunal classified interest income as business income, citing the inextricable link to the business activity of a special purpose vehicle engaged in a project. The deduction of interest expenditure against taxable income was not pressed and decided in favor of the revenue. The issue of revenue expenditure allowance or capitalization was remanded back to the Assessing Officer for fresh consideration. The liability to pay interest under Section 234D was not elaborated upon. The appeal was allowed for statistical purposes, with specific directions on the treatment of interest income and revenue expenditure. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282664