https://www.taxtmi.com/caselaws?id=294737 The Tribunal upheld the decision of the CIT (Appeals) that interest earned on Fixed Deposit Receipts during the construction period should be treated as "Income from Other Sources." The Tribunal rejected the argument that the interest income should be considered a capital receipt, emphasizing that the income's utilization does not determine its nature. The judgment, based on the Supreme Court's ruling in Tuticorin Alkali Chemicals & Fertilizers Ltd., concluded that since the business had not commenced, the interest income was taxable as "Income from Other Sources." Both appeals by the assessee were dismissed, and the orders of the CIT (Appeals) were upheld. en-us Mon, 30 Jun 2014 00:00:00 +0530 Fri, 30 Apr 2021 19:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294737 The Tribunal upheld the decision of the CIT (Appeals) that interest earned on Fixed Deposit Receipts during the construction period should be treated as "Income from Other Sources." The Tribunal rejected the argument that the interest income should be considered a capital receipt, emphasizing that the income's utilization does not determine its nature. The judgment, based on the Supreme Court's ruling in Tuticorin Alkali Chemicals & Fertilizers Ltd., concluded that since the business had not commenced, the interest income was taxable as "Income from Other Sources." Both appeals by the assessee were dismissed, and the orders of the CIT (Appeals) were upheld. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294737