https://www.taxtmi.com/caselaws?id=212486 The court held that interest earned on Fixed Deposit Receipts (FDRs) kept as security for credit facilities should be treated as business income, not income from other sources. It allowed netting of interest against interest paid on borrowed funds for computing business income under Section 80HHC, emphasizing the nexus with business activity. The appeal favored the assessee, with the court ruling against the Revenue due to the lack of basis in the Revenue's conclusions and contrary findings to previous judgments. The appeal was dismissed without costs. en-us Thu, 20 Oct 2011 00:00:00 +0530 Fri, 18 May 2012 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212486 The court held that interest earned on Fixed Deposit Receipts (FDRs) kept as security for credit facilities should be treated as business income, not income from other sources. It allowed netting of interest against interest paid on borrowed funds for computing business income under Section 80HHC, emphasizing the nexus with business activity. The appeal favored the assessee, with the court ruling against the Revenue due to the lack of basis in the Revenue's conclusions and contrary findings to previous judgments. The appeal was dismissed without costs. Case-Laws Income Tax Thu, 20 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212486