https://www.taxtmi.com/caselaws?id=34020 The court upheld the I.T.A.T.'s decision to allow deductions on interest income and treat rent received as capital receipts for a government enterprise engaged in construction activities. The court determined that the interest and rent fell under 'income from other sources' and were deductible under Section 57(iii) of the Income Tax Act, 1961, as they were expended wholly and exclusively for earning such income. Citing legal precedents, the court concluded that the receipts were rightly considered capital receipts due to the ongoing construction activities, affirming the I.T.A.T.'s decision and dismissing the appeals. en-us Fri, 26 Jun 2009 00:00:00 +0530 Sun, 05 Jul 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34020 The court upheld the I.T.A.T.'s decision to allow deductions on interest income and treat rent received as capital receipts for a government enterprise engaged in construction activities. The court determined that the interest and rent fell under 'income from other sources' and were deductible under Section 57(iii) of the Income Tax Act, 1961, as they were expended wholly and exclusively for earning such income. Citing legal precedents, the court concluded that the receipts were rightly considered capital receipts due to the ongoing construction activities, affirming the I.T.A.T.'s decision and dismissing the appeals. Case-Laws Income Tax Fri, 26 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34020