https://www.taxtmi.com/caselaws?id=186303 The court upheld the Revenue's decision to disallow the depreciation claimed by the petitioner based on specific provisions of the Income Tax Act applicable to the relevant assessment year. However, the court ruled in favor of the petitioner regarding the treatment of interest earned on Fixed Deposit Receipts (F.D.R.) as "business income" instead of "income from other sources." The court partially allowed the writ petition, setting aside the orders treating F.D.R. income as "income from other sources" and directing the Assessing Authority to recognize it as "business income." en-us Tue, 27 May 2014 00:00:00 +0530 Wed, 14 Sep 2016 10:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186303 The court upheld the Revenue's decision to disallow the depreciation claimed by the petitioner based on specific provisions of the Income Tax Act applicable to the relevant assessment year. However, the court ruled in favor of the petitioner regarding the treatment of interest earned on Fixed Deposit Receipts (F.D.R.) as "business income" instead of "income from other sources." The court partially allowed the writ petition, setting aside the orders treating F.D.R. income as "income from other sources" and directing the Assessing Authority to recognize it as "business income." Case-Laws Income Tax Tue, 27 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186303