https://www.taxtmi.com/caselaws?id=399486 The High Court upheld the Tribunal's decision in a tax case, dismissing the appellant's appeal regarding the classification of interest income from fixed deposits as separate from business income. The Court rejected arguments to net off interest income against capital work in progress and to treat interest accrued on funds with the bank as a capital receipt. Additionally, the Court supported the Tribunal's findings on the nexus between interest earned and borrowed funds and upheld the decision on tax liability for income earned before the business commenced. The appeal was dismissed, and the questions of law were answered against the appellant. en-us Thu, 01 Oct 2020 00:00:00 +0530 Mon, 12 Oct 2020 12:18:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399486 The High Court upheld the Tribunal's decision in a tax case, dismissing the appellant's appeal regarding the classification of interest income from fixed deposits as separate from business income. The Court rejected arguments to net off interest income against capital work in progress and to treat interest accrued on funds with the bank as a capital receipt. Additionally, the Court supported the Tribunal's findings on the nexus between interest earned and borrowed funds and upheld the decision on tax liability for income earned before the business commenced. The appeal was dismissed, and the questions of law were answered against the appellant. Case-Laws Income Tax Thu, 01 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399486