https://www.taxtmi.com/caselaws?id=444394 The Tribunal ruled partly in favor of the assessee in a tax case. It held that interest income accrued on fixed deposits under restraint orders should not be taxed until the right to receive it is established. The Tribunal directed the tax authority to reconsider the disallowance under Section 14A related to exempt income, ensuring it does not exceed the exempt income earned. Additionally, the Tribunal instructed the tax authority to recompute the book profit under Section 115JB, excluding the notional interest on fixed deposits. en-us Wed, 20 Sep 2023 00:00:00 +0530 Fri, 13 Oct 2023 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444394 The Tribunal ruled partly in favor of the assessee in a tax case. It held that interest income accrued on fixed deposits under restraint orders should not be taxed until the right to receive it is established. The Tribunal directed the tax authority to reconsider the disallowance under Section 14A related to exempt income, ensuring it does not exceed the exempt income earned. Additionally, the Tribunal instructed the tax authority to recompute the book profit under Section 115JB, excluding the notional interest on fixed deposits. Case-Laws Income Tax Wed, 20 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444394