https://www.taxtmi.com/caselaws?id=22144 Court held that interest on fixed deposits was properly assessed as business income. Tribunal's finding-that the assessee was carrying on business, that deposits represented temporarily surplus business funds, and that interest arose from utilisation of commercial assets-was unchallenged by Revenue and supported allowing the resulting business loss. The Income-tax Officer's prior treatment of expenditure confirms it was incurred in carrying on business rather than solely to earn interest. Consequently, interest income was correctly taxed under the head "Business." en-us Wed, 09 Jan 1991 00:00:00 +0530 Sat, 25 Oct 2025 13:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22144 Court held that interest on fixed deposits was properly assessed as business income. Tribunal's finding-that the assessee was carrying on business, that deposits represented temporarily surplus business funds, and that interest arose from utilisation of commercial assets-was unchallenged by Revenue and supported allowing the resulting business loss. The Income-tax Officer's prior treatment of expenditure confirms it was incurred in carrying on business rather than solely to earn interest. Consequently, interest income was correctly taxed under the head "Business." Case-Laws Income Tax Wed, 09 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22144