Correct head of income - interest on FD and gain of sale of ...

Interest and gains from pre-commencement investments not taxable as "income from other sources," confirms CIT(A) decision.

June 10, 2022

Case Laws Income Tax AT

Correct head of income - interest on FD and gain of sale of mutual funds invested out of unutilized borrowed fund - interest/gains earned by the assessee company during the pre-commencement was inextricably linked with the setting up of the capital structure of the assessee company and there was a direct nexus of the funds and income from interest and mutual funds out of the temporary investments and accordingly, the ld. CIT(A) has not erred in law in holding that receipts in question could not be taxed as “income from other sources” and “short term capital gains”. - AT

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Correct head of income - interest on FD and gain of sale of ...

Interest and gains from pre-commencement investments not taxable as "income from other sources," confirms CIT(A) decision.

June 10, 2022

Case Laws Income Tax AT

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