https://www.taxtmi.com/caselaws?id=286535 The High Court of Karnataka ruled in favor of the assessee in a case concerning the taxability of interest income from fixed deposits. The Court held that the interest income should not be taxed under 'Income from Business' but should be exempted from tax in line with Section 10B of the Act. Additionally, the Court allowed the deduction claimed under Section 10B for the interest income earned from fixed deposits, as it was related to the business of the undertaking. Consequently, the appeal by the revenue was dismissed, and the substantial questions of law were resolved in favor of the assessee. en-us Tue, 14 Oct 2014 00:00:00 +0530 Tue, 03 Mar 2020 10:22:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286535 The High Court of Karnataka ruled in favor of the assessee in a case concerning the taxability of interest income from fixed deposits. The Court held that the interest income should not be taxed under 'Income from Business' but should be exempted from tax in line with Section 10B of the Act. Additionally, the Court allowed the deduction claimed under Section 10B for the interest income earned from fixed deposits, as it was related to the business of the undertaking. Consequently, the appeal by the revenue was dismissed, and the substantial questions of law were resolved in favor of the assessee. Case-Laws Income Tax Tue, 14 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286535