https://www.taxtmi.com/caselaws?id=17759 The High Court determined that income from fixed deposit receipts should be assessed under the head 'Other sources' rather than 'Business' for a firm engaged in bidi manufacturing. The deduction claimed by the assessee for a loss due to premature encashment of deposits was allowed under section 71 of the Income-tax Act. The Court ruled in favor of the assessee, upholding the deduction and emphasizing the provisions for set-off of losses under section 71. en-us Wed, 04 Sep 1996 00:00:00 +0530 Thu, 24 Sep 2009 16:13:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17759 The High Court determined that income from fixed deposit receipts should be assessed under the head 'Other sources' rather than 'Business' for a firm engaged in bidi manufacturing. The deduction claimed by the assessee for a loss due to premature encashment of deposits was allowed under section 71 of the Income-tax Act. The Court ruled in favor of the assessee, upholding the deduction and emphasizing the provisions for set-off of losses under section 71. Case-Laws Income Tax Wed, 04 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17759