https://www.taxtmi.com/caselaws?id=401862 Interest on fixed deposits pledged as security for overdraft facilities used for business was treated as business income, because the deposits were linked to business borrowing and the related interest outgo was directly connected; netting of the corresponding interest was therefore permitted. By contrast, where a receipt of Rs. 15,00,000 was described inconsistently as loan, retirement consideration, partnership settlement, and business advance, the factual basis was considered uncertain and required fresh enquiry. The matter was remitted for de novo examination after verification and after giving adequate opportunity of hearing. en-us Fri, 11 Dec 2020 00:00:00 +0530 Thu, 17 Dec 2020 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401862 Interest on fixed deposits pledged as security for overdraft facilities used for business was treated as business income, because the deposits were linked to business borrowing and the related interest outgo was directly connected; netting of the corresponding interest was therefore permitted. By contrast, where a receipt of Rs. 15,00,000 was described inconsistently as loan, retirement consideration, partnership settlement, and business advance, the factual basis was considered uncertain and required fresh enquiry. The matter was remitted for de novo examination after verification and after giving adequate opportunity of hearing. Case-Laws Income Tax Fri, 11 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401862