https://www.taxtmi.com/caselaws?id=13988 The court ruled in favor of the assessee, holding that the interest earned on Commonwealth Treasury Bonds outside India was not taxable in India for the assessment year 1971-72. The court emphasized the lack of a direct or indirect link between the interest income and business operations in India, stating that income must have a clear connection to India to be deemed taxable. The judgment highlighted the distinction between income accruing in India and income deemed to accrue in India, ultimately concluding that the interest income fell outside the scope of taxable income in India. en-us Tue, 15 May 2001 00:00:00 +0530 Mon, 06 Jul 2009 17:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13988 The court ruled in favor of the assessee, holding that the interest earned on Commonwealth Treasury Bonds outside India was not taxable in India for the assessment year 1971-72. The court emphasized the lack of a direct or indirect link between the interest income and business operations in India, stating that income must have a clear connection to India to be deemed taxable. The judgment highlighted the distinction between income accruing in India and income deemed to accrue in India, ultimately concluding that the interest income fell outside the scope of taxable income in India. Case-Laws Income Tax Tue, 15 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13988