https://www.taxtmi.com/caselaws?id=389374 The ITAT Chennai remitted the issue back to the Assessing Officer to verify and assess the net interest income. The assessee was directed to provide necessary materials, and the AO was instructed to conduct a proper inquiry, provide opportunities for clarifications, and pass an order in accordance with the law. The ITAT partly allowed the appeal for statistical purposes, emphasizing that interest income on borrowed money for plant and machinery placed in short term deposits is taxable as 'income from other sources', and interest paid on borrowings should be deducted as an expenditure under Section 57 from interest income. en-us Fri, 08 Nov 2019 00:00:00 +0530 Fri, 06 Dec 2019 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389374 The ITAT Chennai remitted the issue back to the Assessing Officer to verify and assess the net interest income. The assessee was directed to provide necessary materials, and the AO was instructed to conduct a proper inquiry, provide opportunities for clarifications, and pass an order in accordance with the law. The ITAT partly allowed the appeal for statistical purposes, emphasizing that interest income on borrowed money for plant and machinery placed in short term deposits is taxable as 'income from other sources', and interest paid on borrowings should be deducted as an expenditure under Section 57 from interest income. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389374