https://www.taxtmi.com/caselaws?id=21172 HC held that the assessee's business had not commenced during the relevant assessment years, as activities undertaken were only preliminary steps for establishing a sponge iron plant and did not constitute commencement of the business objects in the memorandum. Consequently, the interest earned on short-term deposits could not be treated as business income, and the assessee was not entitled to deduct administrative, exploration or mining expenses from such interest income. However, HC upheld the Tribunal's direction to the Assessing Officer to consider, to the extent legally admissible, the assessee's claim for setting off the interest received on short-term deposits against unadjusted expenditure by reducing the capital cost, answering that issue in favour of the assessee. en-us Fri, 30 Oct 1992 00:00:00 +0530 Thu, 11 Dec 2025 19:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21172 HC held that the assessee's business had not commenced during the relevant assessment years, as activities undertaken were only preliminary steps for establishing a sponge iron plant and did not constitute commencement of the business objects in the memorandum. Consequently, the interest earned on short-term deposits could not be treated as business income, and the assessee was not entitled to deduct administrative, exploration or mining expenses from such interest income. However, HC upheld the Tribunal's direction to the Assessing Officer to consider, to the extent legally admissible, the assessee's claim for setting off the interest received on short-term deposits against unadjusted expenditure by reducing the capital cost, answering that issue in favour of the assessee. Case-Laws Income Tax Fri, 30 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21172