https://www.taxtmi.com/caselaws?id=399587 The Tribunal determined that the assessee's real estate development business was set up in 2007 upon acquiring land, allowing deduction of general revenue expenses post-business setup. However, project-related expenses were to be categorized separately. Interest income from deposits was classified as "income from other sources" as it lacked a business nexus. The Tribunal partially allowed the appeals, directing the AO to segregate expenses and confirming the interest income classification. en-us Mon, 12 Oct 2020 00:00:00 +0530 Sat, 03 Apr 2021 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399587 The Tribunal determined that the assessee's real estate development business was set up in 2007 upon acquiring land, allowing deduction of general revenue expenses post-business setup. However, project-related expenses were to be categorized separately. Interest income from deposits was classified as "income from other sources" as it lacked a business nexus. The Tribunal partially allowed the appeals, directing the AO to segregate expenses and confirming the interest income classification. Case-Laws Income Tax Mon, 12 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399587