https://www.taxtmi.com/caselaws?id=18856 The court held that interest received on short-term deposits is taxable as "income from other sources" under section 56 of the Income-tax Act, 1961. Additionally, it ruled that the interest earned cannot be adjusted against interest paid on borrowed capital for construction purposes. The court found in favor of the Revenue, stating that the income from short-term deposits is not considered business income but income from other sources. No costs were awarded to the assessee. en-us Wed, 22 Mar 1995 00:00:00 +0530 Mon, 02 Nov 2009 13:36:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18856 The court held that interest received on short-term deposits is taxable as "income from other sources" under section 56 of the Income-tax Act, 1961. Additionally, it ruled that the interest earned cannot be adjusted against interest paid on borrowed capital for construction purposes. The court found in favor of the Revenue, stating that the income from short-term deposits is not considered business income but income from other sources. No costs were awarded to the assessee. Case-Laws Income Tax Wed, 22 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18856