Jindal Vijayanagar Steel Ltd. vs Assistant Commissioner Of Income Tax
Whether income from financial activities (loans, advances, bill discounting, investments) during pre-production phase of a steel plant constitutes 'business income' under Section 28(i) of the Income Tax Act 1961, eligible for deduction of related expenditures under Section 37(1) --- Held Yes. Whether such income should be taxed under 'income from other sources' without allowing deductions --- Held No.
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