2020 (6) TMI 512

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..... 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 reven .....

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..... me Tax Act, 1961 (hereinafter referred to as 'the Act', for short) has been filed by the revenue which was admitted by a Bench of this Court vide order dated 28.05.2012 on the following substantial questions of law: (1) Whether the tribunal was correct in holding that the interest income earned from the deposits made by the assessee with the share application money is not liable for tax .....

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..... ther, 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) 92 TAXMANN.COM 363 (SC)]. 4. In view of the aforesaid submission and in view of the aforesaid enunciation of law, the second substantial question of law is answered against the r .....

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