https://www.taxtmi.com/caselaws?id=234051 Interest earned on deposits during liquidation of a co-operative bank, after cancellation of its banking licence, was held not to constitute business income because the entity was only realising assets and discharging winding-up obligations; it was assessable as income from other sources. The disputed interest addition was not finally sustained because the assessee claimed the amount had already been included in the profit and loss account, and the matter was restored to the Assessing Officer for verification to avoid double taxation if the reconciliation is proved. en-us Fri, 17 May 2013 00:00:00 +0530 Mon, 27 May 2013 07:52:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234051 Interest earned on deposits during liquidation of a co-operative bank, after cancellation of its banking licence, was held not to constitute business income because the entity was only realising assets and discharging winding-up obligations; it was assessable as income from other sources. The disputed interest addition was not finally sustained because the assessee claimed the amount had already been included in the profit and loss account, and the matter was restored to the Assessing Officer for verification to avoid double taxation if the reconciliation is proved. Case-Laws Income Tax Fri, 17 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234051