https://www.taxtmi.com/caselaws?id=68095 The Tribunal upheld the Assessing Officer's decision, applying Section 115JB even when the total income under normal provisions is nil, as the section requires comparing tax payable on book profits. It classified interest income from fixed deposits and tax refunds as "Income from other sources," not "Profits and gains of business," since they do not arise from core business activities. Additionally, the interest income was deemed ineligible for deduction under Section 80-IA(4)(iv) as it was not derived from the business of power generation. Consequently, the assessee's appeal was dismissed. en-us Tue, 23 Dec 2008 00:00:00 +0530 Sat, 04 Nov 2023 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68095 The Tribunal upheld the Assessing Officer's decision, applying Section 115JB even when the total income under normal provisions is nil, as the section requires comparing tax payable on book profits. It classified interest income from fixed deposits and tax refunds as "Income from other sources," not "Profits and gains of business," since they do not arise from core business activities. Additionally, the interest income was deemed ineligible for deduction under Section 80-IA(4)(iv) as it was not derived from the business of power generation. Consequently, the assessee's appeal was dismissed. Case-Laws Income Tax Tue, 23 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68095