https://www.taxtmi.com/caselaws?id=22478 The High Court of BOMBAY upheld the Tribunal's decision that interest income on loans and advances totaling Rs. 12,38,387 should be taxed as income from other sources for the assessment year 1967-68. The Court emphasized the need for the assessee to provide evidence supporting the business nature of the advances, which was lacking in this case. The Tribunal's consideration of factors such as the treatment of interest paid on borrowings and the nature of advances made led to the conclusion that the income should be taxed as income from other sources. en-us Tue, 05 Mar 1991 00:00:00 +0530 Thu, 10 Dec 2009 13:07:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22478 The High Court of BOMBAY upheld the Tribunal's decision that interest income on loans and advances totaling Rs. 12,38,387 should be taxed as income from other sources for the assessment year 1967-68. The Court emphasized the need for the assessee to provide evidence supporting the business nature of the advances, which was lacking in this case. The Tribunal's consideration of factors such as the treatment of interest paid on borrowings and the nature of advances made led to the conclusion that the income should be taxed as income from other sources. Case-Laws Income Tax Tue, 05 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22478