TMI Blog2018 (11) TMI 1555X X X X Extracts X X X X X X X X Extracts X X X X ..... d., Vs. Assistant Commissioner of Income Tax, Coimbatore in [2018 (8) TMI 1729 - MADRAS HIGH COURT]. Interest income to be assessed under the head 'income from other sources' or business income - Hed that:- Insofar as the Substantial Question of Law No. 2 is concerned, the same is covered by the decision of ACG Associated Capsules (P.) Ltd Vs. The Commissioner of Income Tax, Central-IV, Mumbai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Law: 1. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the interest paid cannot be netted off against the interest income earned so far as the income arises from the business of the assessee? 2. Whether the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the interest income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T.R.Senthil Kumar, the learned Senior Standing Counsel appearing for the respondents does not dispute that the Substantial Questions of Law, which have been raised in these appeals, are covered by the aforementioned decisions. 5.In the light of the same, both the Substantial Questions of Law are answered in favour of the assessee and accordingly, the appeals are allowed. Consequently, the conne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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