{"id":58856,"date":"2026-03-16T20:43:29","date_gmt":"2026-03-16T15:13:29","guid":{"rendered":"https:\/\/itatonline.org\/digest\/modi-business-centre-pvt-ltd-v-dy-cit-2025-480-itr-471-bomhc\/"},"modified":"2026-03-16T20:43:29","modified_gmt":"2026-03-16T15:13:29","slug":"modi-business-centre-pvt-ltd-v-dy-cit-2025-480-itr-471-bomhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/modi-business-centre-pvt-ltd-v-dy-cit-2025-480-itr-471-bomhc\/","title":{"rendered":"Modi Business Centre Pvt. Ltd. v Dy. CIT (2025) 480 ITR 471 (Bom)(HC)"},"content":{"rendered":"<p>Allowing the appeal the Court held\u00a0 that the Tribunal expected actual commencement of the business after setting up of the necessary infrastructure and equipment. The Tribunal had ignored the issue as to whether financial transactions occurring during the period when the steps were initiated for commencement of the business could be taken into consideration for adjustment. The business for the Act would commence right from the stage of repairing and furnishing of property for being rented out and could not be treated as commenced only when the premises were actually let out to tenants. Interest income was directed to be assessed as business income, interest on borrowed funds\u00a0 was directed to\u00a0 be\u00a0 Set-off of interest receipts against interest paid<strong>.<\/strong> (AY.1992-93)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.37(1):  Business expenditure-Interest on borrowed funds-Set-off of interest receipts against interest paid-Commencement of business-Interest income for all assessment years to be assessed under head &#8220;Business&#8221;-Order of Tribunal set aside and order of Commissioner (Appeals) restored. [S.28(1),   56, 57(iii) <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-58856","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fji","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=58856"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58856\/revisions"}],"predecessor-version":[{"id":58857,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58856\/revisions\/58857"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}