https://www.taxtmi.com/caselaws?id=24433 The High Court held that the interest income earned by the assessee prior to the commencement of business was taxable as the income of the assessee. The court emphasized the necessity of establishing a direct relationship between the interest income and any specific expenditure for set off. As there was no such connection found, the interest income was deemed taxable. The parties were directed to bear their own costs in the reference. en-us Thu, 30 Mar 1989 00:00:00 +0530 Wed, 20 Jan 2010 10:28:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24433 The High Court held that the interest income earned by the assessee prior to the commencement of business was taxable as the income of the assessee. The court emphasized the necessity of establishing a direct relationship between the interest income and any specific expenditure for set off. As there was no such connection found, the interest income was deemed taxable. The parties were directed to bear their own costs in the reference. Case-Laws Income Tax Thu, 30 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24433