Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 512 - HC - Income TaxInterest income earned from the deposits - Whether share application money is not liable for tax under the head income from other sources when the interest earned was revenue nature - Whether the tribunal was correct in holding that the interest income earned from deposits is liable to be setoff against the expenses incurred towards public issue ? HELD THAT:- Revenue fairly submitted that he does not intend to press the first substantial question of law as the same does not arise in the fact situation of the case. Further, it is fairly submitted that the second substantial question of law is answered against the revenue by the Supreme Court in 'COMMISSIONER OF INCOME TAX-IV, AHMEDABAD Vs. SHREE RAMA MULTI TECH LTD.' [2018 (4) TMI 1374 - SUPREME COURT] In view of the aforesaid enunciation of law, the second substantial question of law is answered against the revenue and in favour of the assessee.
|