https://www.taxtmi.com/caselaws?id=274804 The High Court upheld the classification of interest income from fixed deposits as "income from other sources," denying its treatment as "business income." The Court ruled that the interest income did not qualify for deduction under Section 80HHC as it was not directly linked to export activities. The Court rejected the appellant's argument of a nexus between the interest income and the export business, emphasizing that the deposits were made for earning higher interest and not as a result of the export business. The Court's decision was supported by relevant judicial precedents and statutory provisions, leading to the dismissal of the Tax Case Appeal. en-us Tue, 30 Aug 2016 00:00:00 +0530 Wed, 05 Sep 2018 06:47:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274804 The High Court upheld the classification of interest income from fixed deposits as "income from other sources," denying its treatment as "business income." The Court ruled that the interest income did not qualify for deduction under Section 80HHC as it was not directly linked to export activities. The Court rejected the appellant's argument of a nexus between the interest income and the export business, emphasizing that the deposits were made for earning higher interest and not as a result of the export business. The Court's decision was supported by relevant judicial precedents and statutory provisions, leading to the dismissal of the Tax Case Appeal. Case-Laws Income Tax Tue, 30 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274804