https://www.taxtmi.com/caselaws?id=758410 The Bombay HC ruled in favor of the assessee on two issues. First, regarding additional grounds of appeal, the court referenced National Thermal Power Company Ltd., holding that tribunals have discretion to allow new pleas if raised bona fide and supported by facts on record, rejecting the revenue's narrow interpretation. Second, following Shree Rama Multi Tech Limited, the court held that interest income on compulsory deposits of share application money can be set off against share issue expenses, as such deposits are statutory requirements and the interest is merely incidental, not taxable income. en-us Fri, 06 Sep 2024 00:00:00 +0530 Thu, 12 Sep 2024 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758410 The Bombay HC ruled in favor of the assessee on two issues. First, regarding additional grounds of appeal, the court referenced National Thermal Power Company Ltd., holding that tribunals have discretion to allow new pleas if raised bona fide and supported by facts on record, rejecting the revenue's narrow interpretation. Second, following Shree Rama Multi Tech Limited, the court held that interest income on compulsory deposits of share application money can be set off against share issue expenses, as such deposits are statutory requirements and the interest is merely incidental, not taxable income. Case-Laws Income Tax Fri, 06 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758410