https://www.taxtmi.com/caselaws?id=102383 The High Court held that the interest income earned by the assessee from bank deposits and steel suppliers is taxable as "income from other sources" under Section 56 of the Income-tax Act. The Court rejected the Tribunal's approach of considering the interest income as non-taxable due to its application towards construction costs. Additionally, the Court ruled that deductions for interest expenses related to construction were not allowable under Section 57(iii) as they were considered capital in nature and not solely incurred for earning the interest income. The Court's decision favored the Department, denying the assessee's claims for non-taxability and deductions. en-us Wed, 21 Jul 1993 00:00:00 +0530 Tue, 14 Feb 2012 16:59:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102383 The High Court held that the interest income earned by the assessee from bank deposits and steel suppliers is taxable as "income from other sources" under Section 56 of the Income-tax Act. The Court rejected the Tribunal's approach of considering the interest income as non-taxable due to its application towards construction costs. Additionally, the Court ruled that deductions for interest expenses related to construction were not allowable under Section 57(iii) as they were considered capital in nature and not solely incurred for earning the interest income. The Court's decision favored the Department, denying the assessee's claims for non-taxability and deductions. Case-Laws Income Tax Wed, 21 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102383