https://www.taxtmi.com/caselaws?id=60962 The Tribunal partially allowed the appeal in the case. The claim for exemption under Section 10(20A) of the Income-tax Act, 1961 was rejected as the assessee did not qualify under the specific criteria. However, the Tribunal recognized that the assessee had commenced its business activities and approved the related expenditures as legitimate business expenses. Additionally, the interest income was treated as business income, and the interest payable was considered a valid business expenditure, allowing for adjustment between the two. en-us Mon, 08 Nov 1993 00:00:00 +0530 Sun, 06 Feb 2011 04:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60962 The Tribunal partially allowed the appeal in the case. The claim for exemption under Section 10(20A) of the Income-tax Act, 1961 was rejected as the assessee did not qualify under the specific criteria. However, the Tribunal recognized that the assessee had commenced its business activities and approved the related expenditures as legitimate business expenses. Additionally, the interest income was treated as business income, and the interest payable was considered a valid business expenditure, allowing for adjustment between the two. Case-Laws Income Tax Mon, 08 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60962