https://www.taxtmi.com/caselaws?id=428313 The High Court ruled in favor of the pharmaceutical company appellant in the tax case. It held that interest accrued on share application money, when deposited in the bank as per statutory requirements, is not taxable income and can be set off against public issue expenses. The Court's decision was based on the interpretation of tax law, the taxability of interest income, and the eligibility of interest income for set off against specific expenses. The appeals were allowed, and the Tribunal's order was set aside. en-us Wed, 21 Sep 2022 00:00:00 +0530 Tue, 27 Sep 2022 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428313 The High Court ruled in favor of the pharmaceutical company appellant in the tax case. It held that interest accrued on share application money, when deposited in the bank as per statutory requirements, is not taxable income and can be set off against public issue expenses. The Court's decision was based on the interpretation of tax law, the taxability of interest income, and the eligibility of interest income for set off against specific expenses. The appeals were allowed, and the Tribunal's order was set aside. Case-Laws Income Tax Wed, 21 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428313