https://www.taxtmi.com/caselaws?id=426943 The ITAT allowed the Revenue's appeals for statistical purposes, directing the CIT(A) to reassess the taxability of interest income on surplus funds pre-commencement of business for Assessment Years 2014-15 and 2013-14. Emphasizing the need for a thorough examination of fund flow statements and remand reports, the ITAT highlighted that interest income from surplus funds should be treated as income from other sources, in line with established judicial precedents. The matter was remanded to the CIT(A) for further clarification and examination based on the principles outlined in the relevant case law. en-us Wed, 03 Aug 2022 00:00:00 +0530 Mon, 29 Aug 2022 08:31:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426943 The ITAT allowed the Revenue's appeals for statistical purposes, directing the CIT(A) to reassess the taxability of interest income on surplus funds pre-commencement of business for Assessment Years 2014-15 and 2013-14. Emphasizing the need for a thorough examination of fund flow statements and remand reports, the ITAT highlighted that interest income from surplus funds should be treated as income from other sources, in line with established judicial precedents. The matter was remanded to the CIT(A) for further clarification and examination based on the principles outlined in the relevant case law. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426943