https://www.taxtmi.com/caselaws?id=19667 The High Court of GUJARAT held that the interest income received by the assessee in the assessment years 1975-76 and 1976-77 on deposits made with banks is taxable under section 56 of the Income-tax Act, 1961. The court also ruled that expenditure laid out for earning such income should be deducted under section 57(iii) of the Act. The decision favored the Revenue and went against the assessee, with no order as to costs. en-us Thu, 25 Nov 1993 00:00:00 +0530 Sat, 07 Nov 2009 17:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19667 The High Court of GUJARAT held that the interest income received by the assessee in the assessment years 1975-76 and 1976-77 on deposits made with banks is taxable under section 56 of the Income-tax Act, 1961. The court also ruled that expenditure laid out for earning such income should be deducted under section 57(iii) of the Act. The decision favored the Revenue and went against the assessee, with no order as to costs. Case-Laws Income Tax Thu, 25 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19667