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In the instant case, appeals filed by the assessee are directed against the common order passed by ITAT and raised following question of law—

Whether ITAT was right in holding that interest paid cannot be netted off against the interest income earned so far as the income arises from the business of the assessee and

Whether ITAT was right in holding that interest income be assessed under the head 'income from other sources' when in fact per se, it has a direct nexus to the business of the assessee

held that—the first question of law is covered in favor of the assessee, in the light of the decision of this Court in the case of Arul Mariammal Textiles Ltd., Vs. Assistant Commissioner of Income Tax, Coimbatore in [(2018) 97 taxmann.com 298(Madras)]. Second question of law is covered by the decision of the Hon'ble Supreme Court in ACG Associated Capsules (P.) Ltd Vs. The Commissioner of Income Tax, Central-IV, Mumbai in [(2012) 18 taxmann.com 137 (SC)]. both the Substantial Questions of Law are answered in favor of the assessee and accordingly, the appeals are allowed.

Shanti Prime Publication Pvt. Ltd.

Section 28, 57 of Income Tax Act, 1961—In the instant case, appeals filed by the assessee are directed against the common order passed by ITAT and raised following question of law—

Whether ITAT was right in holding that interest paid cannot be netted off against the interest income earned so far as the income arises from the business of the assessee and
Whether ITAT was right in holding that interest income be assessed under the head 'income from other sources' when in fact per se, it has a direct nexus to the business of the assessee

held that—the first question of law is covered in favor of the assessee, in the light of the decision of this Court in the case of Arul Mariammal Textiles Ltd., Vs. Assistant Commissioner of Income Tax, Coimbatore in [(2018) 97 taxmann.com 298(Madras)].

Second question of law is covered by the decision of the Hon'ble Supreme Court in ACG Associated Capsules (P.) Ltd Vs. The Commissioner of Income Tax, Central-IV, Mumbai in [(2012) 18 taxmann.com 137 (SC)].

both the Substantial Questions of Law are answered in favor of the assessee and accordingly, the appeals are allowed.[EVERWIN EXPORT CORPORATION VERSUS THE INCOME TAX OFFICER, WARD 1 (2) , TIRUPUR.] [2018] [6] [ITCD Online][139] [MADRAS HIGH COURT]

In the instant case, appeals filed by the assessee are directed against the common order passed by ITAT and raised following question of law—

Whether ITAT was right in holding that interest paid cannot be netted off against the interest income earned so far as the income arises from the business of the assessee and

Whether ITAT was right in holding that interest income be assessed under the head 'income from other sources' when in fact per se, it has a direct nexus to the business of the assessee

held that—the first question of law is covered in favor of the assessee, in the light of the decision of this Court in the case of Arul Mariammal Textiles Ltd., Vs. Assistant Commissioner of Income Tax, Coimbatore in [(2018) 97 taxmann.com 298(Madras)]. Second question of law is covered by the decision of the Hon'ble Supreme Court in ACG Associated Capsules (P.) Ltd Vs. The Commissioner of Income Tax, Central-IV, Mumbai in [(2012) 18 taxmann.com 137 (SC)]. both the Substantial Questions of Law are answered in favor of the assessee and accordingly, the appeals are allowed.

Shanti Prime Publication Pvt. Ltd.

Section 28, 57 of Income Tax Act, 1961—In the instant case, appeals filed by the assessee are directed against the common order passed by ITAT and raised following question of law—

Whether ITAT was right in holding that interest paid cannot be netted off against the interest income earned so far as the income arises from the business of the assessee and
Whether ITAT was right in holding that interest income be assessed under the head 'income from other sources' when in fact per se, it has a direct nexus to the business of the assessee