https://www.taxtmi.com/caselaws?id=18348 Interest earned on fixed deposits created from share capital kept for future business use was held taxable as income from other sources under the Income-tax Act, because income not falling under a specific head and not exempt under section 10 is chargeable under the residuary head. The Court distinguished interest included in a construction or capitalisation setting from interest actually earned on surplus funds temporarily parked in deposit. As there was no provision excluding such interest merely because the funds were awaiting business use, the receipt was not treated as a capital receipt. en-us Fri, 31 May 1996 00:00:00 +0530 Wed, 30 Sep 2009 13:01:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18348 Interest earned on fixed deposits created from share capital kept for future business use was held taxable as income from other sources under the Income-tax Act, because income not falling under a specific head and not exempt under section 10 is chargeable under the residuary head. The Court distinguished interest included in a construction or capitalisation setting from interest actually earned on surplus funds temporarily parked in deposit. As there was no provision excluding such interest merely because the funds were awaiting business use, the receipt was not treated as a capital receipt. Case-Laws Income Tax Fri, 31 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18348