https://www.taxtmi.com/caselaws?id=62634 The Appellate Tribunal ITAT Delhi affirmed the taxability of interest income earned by the assessee totaling Rs. 22,84,994 for the assessment year 1978-79. The Special Bench held that interest received from investments, even if utilizing borrowed capital, constitutes revenue income taxable under section 56 of the IT Act. Despite a remand from the Supreme Court to consider additional grounds challenging the taxability of the interest income, the Special Bench ultimately dismissed these grounds, emphasizing the established legal principles governing the taxation of income from sources other than business or profession. en-us Tue, 18 Jul 2000 00:00:00 +0530 Thu, 20 Jan 2011 18:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62634 The Appellate Tribunal ITAT Delhi affirmed the taxability of interest income earned by the assessee totaling Rs. 22,84,994 for the assessment year 1978-79. The Special Bench held that interest received from investments, even if utilizing borrowed capital, constitutes revenue income taxable under section 56 of the IT Act. Despite a remand from the Supreme Court to consider additional grounds challenging the taxability of the interest income, the Special Bench ultimately dismissed these grounds, emphasizing the established legal principles governing the taxation of income from sources other than business or profession. Case-Laws Income Tax Tue, 18 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62634