https://www.taxtmi.com/caselaws?id=294715 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to tax the interest earned on bank deposits under Section 56 of the Income Tax Act. The Tribunal relied on the precedent set by the Supreme Court in a similar case, stating that interest earned on surplus funds deposited in banks is taxable as income from other sources. The appeal filed by the assessee challenging the taxability of the interest income was dismissed. en-us Tue, 31 Dec 2013 00:00:00 +0530 Thu, 29 Apr 2021 12:19:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294715 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to tax the interest earned on bank deposits under Section 56 of the Income Tax Act. The Tribunal relied on the precedent set by the Supreme Court in a similar case, stating that interest earned on surplus funds deposited in banks is taxable as income from other sources. The appeal filed by the assessee challenging the taxability of the interest income was dismissed. Case-Laws Income Tax Tue, 31 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294715