https://www.taxtmi.com/caselaws?id=12356 The High Court affirmed the Tribunal's decision, holding that the rental income from Bank of Baroda was taxable under "Business income" and the interest difference on the extra amount was rightly allowed as a deduction. The Court found that the activities of the assessee-company constituted a business, leading to the assessment of rental income as income from business. The interest paid on the additional funds was considered allowable due to the commercial expediency and business nature of the transaction. The Court ruled in favor of the assessee on both issues, disposing of the reference with no order as to costs. en-us Wed, 28 Aug 2002 00:00:00 +0530 Mon, 22 Feb 2010 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12356 The High Court affirmed the Tribunal's decision, holding that the rental income from Bank of Baroda was taxable under "Business income" and the interest difference on the extra amount was rightly allowed as a deduction. The Court found that the activities of the assessee-company constituted a business, leading to the assessment of rental income as income from business. The interest paid on the additional funds was considered allowable due to the commercial expediency and business nature of the transaction. The Court ruled in favor of the assessee on both issues, disposing of the reference with no order as to costs. Case-Laws Income Tax Wed, 28 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12356