https://www.taxtmi.com/caselaws?id=169177 The Tribunal addressed the classification of interest income as "business income" under section 80-IA instead of "income from other sources." It directed the Assessing Officer to re-examine the nature of fixed deposits to determine if they were from surplus funds or borrowings. The Tribunal also considered interest income from contractor advances as eligible for deduction under section 80-IAB, to be taxed as "business income." The decision clarified the tax treatment of interest income, ensuring compliance with the Income Tax Act, 1961. en-us Wed, 27 Aug 2014 00:00:00 +0530 Mon, 06 Apr 2015 22:11:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169177 The Tribunal addressed the classification of interest income as "business income" under section 80-IA instead of "income from other sources." It directed the Assessing Officer to re-examine the nature of fixed deposits to determine if they were from surplus funds or borrowings. The Tribunal also considered interest income from contractor advances as eligible for deduction under section 80-IAB, to be taxed as "business income." The decision clarified the tax treatment of interest income, ensuring compliance with the Income Tax Act, 1961. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169177