https://www.taxtmi.com/caselaws?id=15066 The court upheld the decision that the interest income of the company should be assessed under the head "Other sources" rather than "Business." The court found that the advances made were more akin to investments rather than money-lending business due to their characteristics. Previous Tribunal findings and the absence of continuous and systematic business activity supported this conclusion. The court emphasized that each assessment year is independent, and the Revenue's argument that the company was not engaged in money-lending business was deemed a factual finding. Consequently, the interest income was to be assessed under "Other sources," with costs awarded to the Revenue. en-us Thu, 26 Mar 1998 00:00:00 +0530 Thu, 30 Jul 2009 13:59:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15066 The court upheld the decision that the interest income of the company should be assessed under the head "Other sources" rather than "Business." The court found that the advances made were more akin to investments rather than money-lending business due to their characteristics. Previous Tribunal findings and the absence of continuous and systematic business activity supported this conclusion. The court emphasized that each assessment year is independent, and the Revenue's argument that the company was not engaged in money-lending business was deemed a factual finding. Consequently, the interest income was to be assessed under "Other sources," with costs awarded to the Revenue. Case-Laws Income Tax Thu, 26 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15066