https://www.taxtmi.com/caselaws?id=388553 The Tribunal determined that the interest income received by the assessee on advances to its associate concerns should be assessed as 'income from other sources' rather than 'business income'. The deduction of interest paid on loans from DHFL and its associate concern was disallowed as the business had not commenced. The Tribunal directed verification of project ownership, interest capitalization, and loans received from another entity. The appeals were partly allowed, with directions for the Assessing Officer to conduct further verifications and re-adjudicate the issues. en-us Fri, 08 Nov 2019 00:00:00 +0530 Mon, 18 Nov 2019 09:17:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388553 The Tribunal determined that the interest income received by the assessee on advances to its associate concerns should be assessed as 'income from other sources' rather than 'business income'. The deduction of interest paid on loans from DHFL and its associate concern was disallowed as the business had not commenced. The Tribunal directed verification of project ownership, interest capitalization, and loans received from another entity. The appeals were partly allowed, with directions for the Assessing Officer to conduct further verifications and re-adjudicate the issues. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388553