https://www.taxtmi.com/caselaws?id=30341 The High Court ruled in favor of the Assessee regarding the addition of interest to pre-operative expenses, following the Supreme Court's decision in Commissioner of Income Tax v. Karnal Cooperative Sugar Mills Ltd. The Court held that the interest earned on money deposited for specific business purposes should be adjusted against costs and not treated as income. Additionally, the Court dismissed the appeal on the disallowance of loss due to foreign exchange rate fluctuation, citing a previous judgment that addressed similar issues. en-us Tue, 19 Aug 2008 00:00:00 +0530 Sat, 28 Feb 2009 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30341 The High Court ruled in favor of the Assessee regarding the addition of interest to pre-operative expenses, following the Supreme Court's decision in Commissioner of Income Tax v. Karnal Cooperative Sugar Mills Ltd. The Court held that the interest earned on money deposited for specific business purposes should be adjusted against costs and not treated as income. Additionally, the Court dismissed the appeal on the disallowance of loss due to foreign exchange rate fluctuation, citing a previous judgment that addressed similar issues. Case-Laws Income Tax Tue, 19 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30341