https://www.taxtmi.com/caselaws?id=76547 The High Court ruled that interest income from short-term deposits, earned by the assessee, should be classified as business income under Rule 8 of the Income-tax Rules, 1962. The court overturned the Commissioner of Income-tax's decision to tax the income as other sources, citing precedents establishing a nexus between the interest income and the tea business. The court also found that the Commissioner's invocation of power under section 263 of the Income-tax Act, 1961, was unjustified, setting aside the Commissioner's and Tribunal's orders and reinstating the original assessment by the Assessing Officers. en-us Tue, 22 Dec 2009 00:00:00 +0530 Wed, 07 Sep 2011 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76547 The High Court ruled that interest income from short-term deposits, earned by the assessee, should be classified as business income under Rule 8 of the Income-tax Rules, 1962. The court overturned the Commissioner of Income-tax's decision to tax the income as other sources, citing precedents establishing a nexus between the interest income and the tea business. The court also found that the Commissioner's invocation of power under section 263 of the Income-tax Act, 1961, was unjustified, setting aside the Commissioner's and Tribunal's orders and reinstating the original assessment by the Assessing Officers. Case-Laws Income Tax Tue, 22 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76547