https://www.taxtmi.com/caselaws?id=384459 Post-discontinuance interest on an outstanding advance was taxable as business income because sums received after cessation are deemed to retain their business character under section 176(3A) when they would have formed part of business income if received earlier; the assessee succeeded on this issue. The bad debt claim relating to fixed deposits was not finally allowed because section 36(2) requires proof that the amount was previously taken into account in computing income or represented money lent in the ordinary course of banking or money-lending business, and the supporting material was insufficient; the matter was remitted for fresh adjudication. en-us Wed, 31 Jul 2019 00:00:00 +0530 Tue, 13 Aug 2019 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384459 Post-discontinuance interest on an outstanding advance was taxable as business income because sums received after cessation are deemed to retain their business character under section 176(3A) when they would have formed part of business income if received earlier; the assessee succeeded on this issue. The bad debt claim relating to fixed deposits was not finally allowed because section 36(2) requires proof that the amount was previously taken into account in computing income or represented money lent in the ordinary course of banking or money-lending business, and the supporting material was insufficient; the matter was remitted for fresh adjudication. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384459