https://www.taxtmi.com/caselaws?id=430421 The Tribunal condoned the delay in filing cross objections due to the Covid-19 pandemic. The deduction of interest expenditure under section 57(iii) was disallowed as it was not incurred for earning interest income from fixed deposits. The interest income from fixed deposits was held taxable under "Income from other sources." The deletion of the addition under section 56(2)(viib) was upheld, supporting the use of the Discounted Cash Flow method for share valuation. en-us Wed, 16 Nov 2022 00:00:00 +0530 Fri, 18 Nov 2022 10:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430421 The Tribunal condoned the delay in filing cross objections due to the Covid-19 pandemic. The deduction of interest expenditure under section 57(iii) was disallowed as it was not incurred for earning interest income from fixed deposits. The interest income from fixed deposits was held taxable under "Income from other sources." The deletion of the addition under section 56(2)(viib) was upheld, supporting the use of the Discounted Cash Flow method for share valuation. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430421