https://www.taxtmi.com/caselaws?id=342802 The High Court upheld the Commissioner's assessment that interest earned on Fixed Deposit Receipts used as borrowing margin money for setting up an industry is taxable income, overturning the Income Tax Appellate Tribunal's decision. The Court emphasized the necessity of proper enquiries before passing assessment orders under Section 263 of the Income Tax Act. Additionally, in a separate judgment, the High Court directed the restoration of an assessment order linked to a revised Section 263 order for the assessment year 1996-97, requiring re-adjudication by the Tribunal. en-us Fri, 05 May 2017 00:00:00 +0530 Fri, 12 May 2017 07:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342802 The High Court upheld the Commissioner's assessment that interest earned on Fixed Deposit Receipts used as borrowing margin money for setting up an industry is taxable income, overturning the Income Tax Appellate Tribunal's decision. The Court emphasized the necessity of proper enquiries before passing assessment orders under Section 263 of the Income Tax Act. Additionally, in a separate judgment, the High Court directed the restoration of an assessment order linked to a revised Section 263 order for the assessment year 1996-97, requiring re-adjudication by the Tribunal. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342802