https://www.taxtmi.com/caselaws?id=17496 The court affirmed the Tribunal's decision that interest income from bank deposits of a public limited company engaged in refining petroleum products should be classified as "business income." The court emphasized the deposits were treated as capital employed for tax purposes, supporting the connection to the business. Therefore, the interest income was deemed to be part of the business operations rather than income from other sources. The decision favored the assessee, and no costs were awarded. en-us Wed, 08 Jan 1997 00:00:00 +0530 Tue, 22 Sep 2009 17:03:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17496 The court affirmed the Tribunal's decision that interest income from bank deposits of a public limited company engaged in refining petroleum products should be classified as "business income." The court emphasized the deposits were treated as capital employed for tax purposes, supporting the connection to the business. Therefore, the interest income was deemed to be part of the business operations rather than income from other sources. The decision favored the assessee, and no costs were awarded. Case-Laws Income Tax Wed, 08 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17496