https://www.taxtmi.com/caselaws?id=424125 The Tribunal ruled in favor of the assessee, directing the AO to allow the set-off of interest income against interest expenditure. It classified interest income from short-term fixed deposits as business income, emphasizing the deposits' role in managing the business's working capital. Additionally, the Tribunal instructed the AO to consider prior period expenses in the respective years they relate to, partly allowing the assessee's appeal on this issue. The judgment was pronounced on 13/6/2022. en-us Mon, 13 Jun 2022 00:00:00 +0530 Wed, 22 Jun 2022 09:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424125 The Tribunal ruled in favor of the assessee, directing the AO to allow the set-off of interest income against interest expenditure. It classified interest income from short-term fixed deposits as business income, emphasizing the deposits' role in managing the business's working capital. Additionally, the Tribunal instructed the AO to consider prior period expenses in the respective years they relate to, partly allowing the assessee's appeal on this issue. The judgment was pronounced on 13/6/2022. Case-Laws Income Tax Mon, 13 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424125