https://www.taxtmi.com/caselaws?id=383861 The High Court held that interest income earned on fixed deposits before the commencement of business should be treated as 'income from other sources' and not as a capital receipt. The Court reversed the Tribunal's decision and emphasized that such income lacked a direct link to business activities. Regarding penalties under section 271(1)(c), the Tribunal set aside the deletion of penalties by the CIT(A) and remanded the matter for fresh consideration in light of the High Court's judgment, ensuring a fair opportunity for the assessee to present their case. en-us Fri, 26 Jul 2019 00:00:00 +0530 Thu, 01 Aug 2019 06:27:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383861 The High Court held that interest income earned on fixed deposits before the commencement of business should be treated as 'income from other sources' and not as a capital receipt. The Court reversed the Tribunal's decision and emphasized that such income lacked a direct link to business activities. Regarding penalties under section 271(1)(c), the Tribunal set aside the deletion of penalties by the CIT(A) and remanded the matter for fresh consideration in light of the High Court's judgment, ensuring a fair opportunity for the assessee to present their case. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383861