https://www.taxtmi.com/caselaws?id=407865 The appeals filed by the assessee were partly allowed. The business was considered to have commenced during the previous year. The classification of interest income as business income was remanded back to the AO for reevaluation. The issue of income from mutual funds was decided in favor of the revenue. Deduction of business expenses and expenses related to interest/other income were restored to the AO for verification. Disallowance under Section 14A read with Rule 8D was deleted due to the absence of exempt income. The claim of deduction of interest expenditure under Section 57(iii) was allowed. The issue of interest capitalized to work in progress was remanded to the AO for further examination. en-us Mon, 01 Mar 2021 00:00:00 +0530 Tue, 25 May 2021 08:37:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407865 The appeals filed by the assessee were partly allowed. The business was considered to have commenced during the previous year. The classification of interest income as business income was remanded back to the AO for reevaluation. The issue of income from mutual funds was decided in favor of the revenue. Deduction of business expenses and expenses related to interest/other income were restored to the AO for verification. Disallowance under Section 14A read with Rule 8D was deleted due to the absence of exempt income. The claim of deduction of interest expenditure under Section 57(iii) was allowed. The issue of interest capitalized to work in progress was remanded to the AO for further examination. Case-Laws Income Tax Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407865