https://www.taxtmi.com/caselaws?id=21508 The High Court held that the interest received by the assessee-company from bank deposits is taxable income for the assessment year 1977-78. The court rejected the argument that the interest should be offset against interest paid on term loans, emphasizing the need for a nexus between the two transactions. The Tribunal's reliance on accounting principles was deemed insufficient without considering the related expenditure items. The court ruled in favor of the Revenue, upholding the taxation of the interest received as "Income from other sources" under section 56 of the Act. en-us Fri, 28 Jun 1991 00:00:00 +0530 Wed, 25 Nov 2009 10:44:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21508 The High Court held that the interest received by the assessee-company from bank deposits is taxable income for the assessment year 1977-78. The court rejected the argument that the interest should be offset against interest paid on term loans, emphasizing the need for a nexus between the two transactions. The Tribunal's reliance on accounting principles was deemed insufficient without considering the related expenditure items. The court ruled in favor of the Revenue, upholding the taxation of the interest received as "Income from other sources" under section 56 of the Act. Case-Laws Income Tax Fri, 28 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21508