https://www.taxtmi.com/caselaws?id=9415 The High Court of ALLAHABAD ruled that the interest income earned by a public limited company, totaling Rs. 2,64,279 for the assessment year 1978-79, was assessable as income under the head "Income from other sources." The court held that interest earned on surplus funds deposited in short-term bank accounts is chargeable under the Income-tax Act, citing relevant legal precedents. The decision favored the Revenue over the applicant, confirming the taxability of the interest income. en-us Tue, 28 Sep 2004 00:00:00 +0530 Mon, 22 Jun 2009 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9415 The High Court of ALLAHABAD ruled that the interest income earned by a public limited company, totaling Rs. 2,64,279 for the assessment year 1978-79, was assessable as income under the head "Income from other sources." The court held that interest earned on surplus funds deposited in short-term bank accounts is chargeable under the Income-tax Act, citing relevant legal precedents. The decision favored the Revenue over the applicant, confirming the taxability of the interest income. Case-Laws Income Tax Tue, 28 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9415