https://www.taxtmi.com/caselaws?id=161020 Interest on Government securities is separately chargeable as income from securities under Section 8 of the Income-tax Act, 1922, and cannot be reclassified as business income merely because the securities were part of trading operations. Section 12 applies only when the income is not covered by a specific head, so it cannot displace Section 8 in such cases. Because earned income relief under Section 2(6AA) requires personal exertion, interest on securities does not qualify for that relief. The operative effect is that the interest had to be assessed under Section 8, with no earned income relief available. en-us Fri, 21 Sep 1951 00:00:00 +0530 Mon, 30 Dec 2013 10:11:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161020 Interest on Government securities is separately chargeable as income from securities under Section 8 of the Income-tax Act, 1922, and cannot be reclassified as business income merely because the securities were part of trading operations. Section 12 applies only when the income is not covered by a specific head, so it cannot displace Section 8 in such cases. Because earned income relief under Section 2(6AA) requires personal exertion, interest on securities does not qualify for that relief. The operative effect is that the interest had to be assessed under Section 8, with no earned income relief available. Case-Laws Income Tax Fri, 21 Sep 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161020