https://www.taxtmi.com/caselaws?id=282656 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, directing the Assessing Officer to assess the interest income from fixed deposits as business income for the relevant year 2010-11. The Tribunal considered the business exigencies, substantial outstanding loans, and the necessity to maintain road infrastructure, aligning with legal precedents and holding that interest income can be categorized under "Income from business." The decision overturned the assessments by the Assessing Officer and Ld CIT(A), emphasizing the business nature of the fixed deposits. en-us Tue, 19 Jul 2016 00:00:00 +0530 Sun, 18 Aug 2019 08:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282656 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, directing the Assessing Officer to assess the interest income from fixed deposits as business income for the relevant year 2010-11. The Tribunal considered the business exigencies, substantial outstanding loans, and the necessity to maintain road infrastructure, aligning with legal precedents and holding that interest income can be categorized under "Income from business." The decision overturned the assessments by the Assessing Officer and Ld CIT(A), emphasizing the business nature of the fixed deposits. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282656