https://www.taxtmi.com/caselaws?id=294755 The Tribunal upheld the decision of the learned CIT (Appeals) in classifying the interest income earned on Fixed Deposit Receipts (FDRs) as "income from other sources." The Tribunal rejected the assessee's argument that the interest income was capital in nature, emphasizing that it was taxable as income from other sources during the pre-operative stage. Relying on the Supreme Court precedent in Tuticorin Alkali Chemicals & Fertilizers Ltd., the Tribunal dismissed the appeal and affirmed the taxability of the interest income, concluding that it was correctly treated as income from other sources. en-us Thu, 23 Jul 2015 00:00:00 +0530 Sat, 01 May 2021 09:29:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294755 The Tribunal upheld the decision of the learned CIT (Appeals) in classifying the interest income earned on Fixed Deposit Receipts (FDRs) as "income from other sources." The Tribunal rejected the assessee's argument that the interest income was capital in nature, emphasizing that it was taxable as income from other sources during the pre-operative stage. Relying on the Supreme Court precedent in Tuticorin Alkali Chemicals & Fertilizers Ltd., the Tribunal dismissed the appeal and affirmed the taxability of the interest income, concluding that it was correctly treated as income from other sources. Case-Laws Income Tax Thu, 23 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294755