https://www.taxtmi.com/caselaws?id=11571 The High Court held that interest income on short-term deposits should be assessed under the head "Other sources" and not as business income. The court directed the Assessing Officer to reevaluate if the deposits were maintained for business purposes and include interest as part of business profit if so. The questions related to the assessment of interest income under different heads were answered against the assessee in favor of the Revenue. However, profit derived from processing in third-party factories for section 80HH benefit was deemed eligible, resulting in a favorable decision for the assessee against the Revenue. The income-tax appeal was disposed of accordingly. en-us Fri, 07 Feb 2003 00:00:00 +0530 Sat, 30 Jan 2010 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11571 The High Court held that interest income on short-term deposits should be assessed under the head "Other sources" and not as business income. The court directed the Assessing Officer to reevaluate if the deposits were maintained for business purposes and include interest as part of business profit if so. The questions related to the assessment of interest income under different heads were answered against the assessee in favor of the Revenue. However, profit derived from processing in third-party factories for section 80HH benefit was deemed eligible, resulting in a favorable decision for the assessee against the Revenue. The income-tax appeal was disposed of accordingly. Case-Laws Income Tax Fri, 07 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11571