https://www.taxtmi.com/caselaws?id=15710 HC held interest on bank deposits and interest on loans to others are not business income but taxable under the head "Income from Other Sources" because classification depends on the source and manner of derivation, not merely that the assessee carries on business. The court also held that tax paid abroad on freight earned there is not an allowable business expenditure, but a payment made out of profits, rejecting the Tribunal's allowance; the Tribunal erred in treating absence of section 40 applicability as determinative of deductibility. en-us Mon, 09 Feb 1998 00:00:00 +0530 Sat, 11 Oct 2025 07:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15710 HC held interest on bank deposits and interest on loans to others are not business income but taxable under the head "Income from Other Sources" because classification depends on the source and manner of derivation, not merely that the assessee carries on business. The court also held that tax paid abroad on freight earned there is not an allowable business expenditure, but a payment made out of profits, rejecting the Tribunal's allowance; the Tribunal erred in treating absence of section 40 applicability as determinative of deductibility. Case-Laws Income Tax Mon, 09 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15710