https://www.taxtmi.com/caselaws?id=27163 The court held that the interest earned by the assessee on investment of share capital in call deposits could be assessed separately under the head "Other sources" for the assessment year 1962-63. The court rejected the assessee's argument that interest paid on borrowed funds should be deducted from interest earned, emphasizing that since the factory was not established during the assessment year, there was no business income to offset the interest paid. The court ordered the assessee to pay costs to the Revenue and set the counsel's fee at Rs. 500. en-us Thu, 19 Apr 1984 00:00:00 +0530 Thu, 11 Feb 2010 12:20:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27163 The court held that the interest earned by the assessee on investment of share capital in call deposits could be assessed separately under the head "Other sources" for the assessment year 1962-63. The court rejected the assessee's argument that interest paid on borrowed funds should be deducted from interest earned, emphasizing that since the factory was not established during the assessment year, there was no business income to offset the interest paid. The court ordered the assessee to pay costs to the Revenue and set the counsel's fee at Rs. 500. Case-Laws Income Tax Thu, 19 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27163