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Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest expenditure paid by it on the loans borrowed by it for the purpose of business. Hence, the interest income squarely partakes the character of business income. Admittedly, the business income from construction projects would be offered in the year of project completion of the project followed by the assessee. This interest income would go to reduce the closing work in progress of construction project carried out by the assessee, which has been done by the assessee in the return of income. - AT
Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest expenditure paid by it on the loans borrowed by it for the purpose of business. Hence, the interest income squarely partakes the character of business income. Admittedly, the business income from construction projects would be offered in the year of project completion of the project followed by the assessee. This interest income would go to reduce the closing work in progress of construction project carried out by the assessee, which has been done by the assessee in the return of income. - AT
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