https://www.taxtmi.com/caselaws?id=9721 HC upheld the Tribunal, ruling that interest on short-term inter-corporate deposits placed from surplus funds set aside to pay for imported machinery constituted business income, not income from other sources. Because the deposits were temporary, withdrawn and applied to the machinery payments, the interest formed part of business receipts; therefore the assessee was entitled to the benefits under sections 80HH and 80-I. The appeal was decided for the assessee and against the Revenue. en-us Mon, 05 Sep 2005 00:00:00 +0530 Sat, 20 Sep 2025 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9721 HC upheld the Tribunal, ruling that interest on short-term inter-corporate deposits placed from surplus funds set aside to pay for imported machinery constituted business income, not income from other sources. Because the deposits were temporary, withdrawn and applied to the machinery payments, the interest formed part of business receipts; therefore the assessee was entitled to the benefits under sections 80HH and 80-I. The appeal was decided for the assessee and against the Revenue. Case-Laws Income Tax Mon, 05 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9721