https://www.taxtmi.com/caselaws?id=19699 The High Court of Orissa directed the Tribunal to consider whether interest earned by a company from short-term deposits during the construction of its factory should be treated as income under 'Income from other sources' for the assessment year 1979-80. The court ruled in favor of the assessee, following the Andhra Pradesh High Court's view that such interest can be set off against interest paid on loans, with the balance being capitalized, rather than being treated as income. Both Justices G. B. PATNAIK and P. C. NAIK supported this decision, rejecting the Department's argument. en-us Thu, 10 Nov 1994 00:00:00 +0530 Mon, 09 Nov 2009 10:46:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19699 The High Court of Orissa directed the Tribunal to consider whether interest earned by a company from short-term deposits during the construction of its factory should be treated as income under 'Income from other sources' for the assessment year 1979-80. The court ruled in favor of the assessee, following the Andhra Pradesh High Court's view that such interest can be set off against interest paid on loans, with the balance being capitalized, rather than being treated as income. Both Justices G. B. PATNAIK and P. C. NAIK supported this decision, rejecting the Department's argument. Case-Laws Income Tax Thu, 10 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19699