https://www.taxtmi.com/caselaws?id=402690 The appellant challenged the assessment order assessing their income against a returned loss, arguing that interest income should be considered a capital receipt not chargeable to tax. The Tribunal agreed, deeming the interest earned as a capital receipt. The Tribunal also allowed deductions for interest payable on FCCDs and ruled in favor of treating certain expenses as revenue in nature. Transfer pricing adjustments were upheld, with specific directions given. The appeal was partly allowed, with adjustments made in line with the appellant's contentions and previous Tribunal decisions. en-us Wed, 23 Dec 2020 00:00:00 +0530 Sat, 09 Jan 2021 21:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402690 The appellant challenged the assessment order assessing their income against a returned loss, arguing that interest income should be considered a capital receipt not chargeable to tax. The Tribunal agreed, deeming the interest earned as a capital receipt. The Tribunal also allowed deductions for interest payable on FCCDs and ruled in favor of treating certain expenses as revenue in nature. Transfer pricing adjustments were upheld, with specific directions given. The appeal was partly allowed, with adjustments made in line with the appellant's contentions and previous Tribunal decisions. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402690