https://www.taxtmi.com/caselaws?id=276498 Interest on fixed deposits may be assessed as business income where the deposits were made for business exigencies and have a direct nexus with business operations; deposits representing surplus-fund investments remain income from other sources. The factual purpose of the deposits requires verification before classification. For assessment years before the prospective Finance Act 2012 amendment effective 1 April 2013, section 115JB did not apply to an electricity company not required to prepare accounts under Parts II and III of Schedule VI to the Companies Act, 1956. The MAT computation mechanism therefore could not be invoked for such years. en-us Fri, 22 Dec 2017 00:00:00 +0530 Tue, 13 Nov 2018 07:46:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276498 Interest on fixed deposits may be assessed as business income where the deposits were made for business exigencies and have a direct nexus with business operations; deposits representing surplus-fund investments remain income from other sources. The factual purpose of the deposits requires verification before classification. For assessment years before the prospective Finance Act 2012 amendment effective 1 April 2013, section 115JB did not apply to an electricity company not required to prepare accounts under Parts II and III of Schedule VI to the Companies Act, 1956. The MAT computation mechanism therefore could not be invoked for such years. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276498