https://www.taxtmi.com/caselaws?id=426730 The Court ruled in favor of the Assessee on all three issues discussed in the case. It held that interest earned on short-term deposits from borrowed capital is capital, not revenue, in nature, entitling the Assessee to deduction under Section 57 (iii) of the Act for interest expenditure and public issue expenses. The Court also clarified that the taxation of interest received for the assessment year 1991-92 as income from other sources was not justified. Additionally, the Court allowed the deduction under Section 35AB for expenditure on acquiring know-how, emphasizing a liberal interpretation of the term "acquiring." The impugned orders were set aside, and the appeal was disposed of in favor of the Assessee. en-us Tue, 16 Aug 2022 00:00:00 +0530 Tue, 23 Aug 2022 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426730 The Court ruled in favor of the Assessee on all three issues discussed in the case. It held that interest earned on short-term deposits from borrowed capital is capital, not revenue, in nature, entitling the Assessee to deduction under Section 57 (iii) of the Act for interest expenditure and public issue expenses. The Court also clarified that the taxation of interest received for the assessment year 1991-92 as income from other sources was not justified. Additionally, the Court allowed the deduction under Section 35AB for expenditure on acquiring know-how, emphasizing a liberal interpretation of the term "acquiring." The impugned orders were set aside, and the appeal was disposed of in favor of the Assessee. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426730