https://www.taxtmi.com/caselaws?id=282196 The High Court of Bombay dismissed the appeal, ruling in favor of the respondent-assessee based on the precedent set by the Apex Court. The court held that there must be a direct nexus between interest earned and paid to exclude interest income in taxation, clarifying that all interest income, except on income tax, is part of business profits and not income from other sources. The judgment emphasized adherence to this principle, resulting in the dismissal of the appeal. en-us Wed, 29 Apr 2015 00:00:00 +0530 Fri, 26 Jul 2019 08:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282196 The High Court of Bombay dismissed the appeal, ruling in favor of the respondent-assessee based on the precedent set by the Apex Court. The court held that there must be a direct nexus between interest earned and paid to exclude interest income in taxation, clarifying that all interest income, except on income tax, is part of business profits and not income from other sources. The judgment emphasized adherence to this principle, resulting in the dismissal of the appeal. Case-Laws Income Tax Wed, 29 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282196