https://www.taxtmi.com/caselaws?id=288909 The Tribunal upheld the CIT(A) order directing the Assessing Officer to treat the Fixed Deposit (FD) interest income as business income rather than income from other sources for the assessment year 2009-10. The Tribunal emphasized the connection between the FDs used as security for business operations and the interest income earned, citing precedents from various High Courts. The rule of consistency was also invoked, as previous assessments had treated similar interest income as business income. The Revenue's appeal was dismissed, affirming the treatment of FD interest as business income in line with the Assessee's arguments and past assessments. en-us Wed, 06 Apr 2016 00:00:00 +0530 Sun, 05 Jul 2020 15:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288909 The Tribunal upheld the CIT(A) order directing the Assessing Officer to treat the Fixed Deposit (FD) interest income as business income rather than income from other sources for the assessment year 2009-10. The Tribunal emphasized the connection between the FDs used as security for business operations and the interest income earned, citing precedents from various High Courts. The rule of consistency was also invoked, as previous assessments had treated similar interest income as business income. The Revenue's appeal was dismissed, affirming the treatment of FD interest as business income in line with the Assessee's arguments and past assessments. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288909