https://www.taxtmi.com/caselaws?id=309371 Interest on temporary deployment of business funds was treated as business income, while interest on surplus fixed deposits was treated as income from other sources, depending on the direct nexus with business operations. Exploration and development expenditure, time cost expenses and parent company overheads were allowed as deductions where the expenses related to petroleum operations, withholding tax obligations were complied with, and the amounts were not shown to fall within section 44C or to be disallowable under section 40(a)(ia). Additional depreciation was held mandatorily allowable even without a claim in the return, and deduction under section 80IB(9) was also allowed where eligibility and positive income existed. en-us Tue, 31 Jan 2023 00:00:00 +0530 Mon, 28 Aug 2023 18:18:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309371 Interest on temporary deployment of business funds was treated as business income, while interest on surplus fixed deposits was treated as income from other sources, depending on the direct nexus with business operations. Exploration and development expenditure, time cost expenses and parent company overheads were allowed as deductions where the expenses related to petroleum operations, withholding tax obligations were complied with, and the amounts were not shown to fall within section 44C or to be disallowable under section 40(a)(ia). Additional depreciation was held mandatorily allowable even without a claim in the return, and deduction under section 80IB(9) was also allowed where eligibility and positive income existed. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309371