https://www.taxtmi.com/caselaws?id=69864 The Tribunal held that the interest income received by the assessee from bank deposits and loans should be classified as "business income" rather than "income from other sources." It found that the funds were integral to the company's business activities and the interest earned was part of routine business operations. The Tribunal also ruled that the Commissioner's order under Section 263 of the IT Act lacked adequate reasoning and justification, leading to its cancellation. Consequently, the original assessment order classifying the interest income as "business income" was restored. en-us Fri, 26 Oct 1990 00:00:00 +0530 Tue, 12 Apr 2011 14:52:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69864 The Tribunal held that the interest income received by the assessee from bank deposits and loans should be classified as "business income" rather than "income from other sources." It found that the funds were integral to the company's business activities and the interest earned was part of routine business operations. The Tribunal also ruled that the Commissioner's order under Section 263 of the IT Act lacked adequate reasoning and justification, leading to its cancellation. Consequently, the original assessment order classifying the interest income as "business income" was restored. Case-Laws Income Tax Fri, 26 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69864