https://www.taxtmi.com/caselaws?id=341215 The HC upheld the Tribunal's finding that the share premium of Rs. 490 per share was not a cash credit under section 68, rejecting Revenue's claim that the transaction lacked commercial prudence. The factual findings of the Tribunal were not found to be perverse. Regarding interest income from fixed deposits, the HC held that since the assessee's business of financing and related activities had commenced, the interest earned on fixed deposits was taxable as business income. The court rejected Revenue's contention that the business had not commenced for income purposes. Following precedent, interest on short-term deposits held for business purposes is business income. Both issues were decided against Revenue. en-us Mon, 16 Jan 2017 00:00:00 +0530 Tue, 19 May 2026 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341215 The HC upheld the Tribunal's finding that the share premium of Rs. 490 per share was not a cash credit under section 68, rejecting Revenue's claim that the transaction lacked commercial prudence. The factual findings of the Tribunal were not found to be perverse. Regarding interest income from fixed deposits, the HC held that since the assessee's business of financing and related activities had commenced, the interest earned on fixed deposits was taxable as business income. The court rejected Revenue's contention that the business had not commenced for income purposes. Following precedent, interest on short-term deposits held for business purposes is business income. Both issues were decided against Revenue. Case-Laws Income Tax Mon, 16 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341215