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<h1>Interest on Pre-Business Deposits Taxable Income Ruling</h1> The High Court of Gujarat held that interest earned on pre-business deposits is taxable income, following precedent, and ruling in favor of the Revenue ... Income From Other Sources, Interest The High Court of Gujarat ruled that interest earned on deposits by an assessee before commencing business is taxable as income. The decision was based on a similar case precedent and upheld in favor of the Revenue. The Court rejected the assessee's claim and disposed of the reference with no costs.
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