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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 under the head income from other sources when the interest earned was revenue nature without applying the law laid down by the Apex Court in thecaseof Tuticorin Alkali Chemicals Vs. CIT 227 ITR 172?

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Section 56 of Income Tax Act, 1961 – Income from other sources – Interest – Tribunal was correct in holding that the interest income earned from deposits is liable to be setoff against the expenses incurred towards public issue when the interest earned is revenue nature and the expenditure claimed is capital nature.[2020] 54 ITCD 79 (KARN)
Facts: Being aggrieved of the order of Tribunal, revenue went on appeal before High Court and raised the question of law that "Whether the tribunal was correct in holding that the interest income earned from deposits is liable to be setoff against the expenses incurred towards public issue when the interest earned is revenue nature and the expenditure claimed is capital nature contrary to the law laid down by the Apex Court in the case of Tuticorin Alkali Chemicals Vs. CIT 227 ITR 172?"
Held, that 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)].  In view of the aforesaid submission and in view of the aforesaid enunciation of law, the substantial question of law is answered against the revenue and in favour of the assessee.