https://www.taxtmi.com/caselaws?id=185075 Interest earned on fixed deposits created from sale proceeds of a company in liquidation was assessable as income from other sources, because merely realising assets and parking the proceeds in deposits did not amount to carrying on the company's business. On that basis, the claim for deduction under section 57(iii) failed, as the expense claim had to satisfy the deduction rules applicable to income from other sources rather than business income. The Kerala HC therefore held that the assessee was not entitled to the claimed deduction and answered the reference in favour of the Revenue. en-us Fri, 21 Mar 2003 00:00:00 +0530 Fri, 29 Jul 2016 18:08:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185075 Interest earned on fixed deposits created from sale proceeds of a company in liquidation was assessable as income from other sources, because merely realising assets and parking the proceeds in deposits did not amount to carrying on the company's business. On that basis, the claim for deduction under section 57(iii) failed, as the expense claim had to satisfy the deduction rules applicable to income from other sources rather than business income. The Kerala HC therefore held that the assessee was not entitled to the claimed deduction and answered the reference in favour of the Revenue. Case-Laws Income Tax Fri, 21 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185075