https://www.taxtmi.com/caselaws?id=27610 Interest on compensation bonds received on nationalisation of a banking undertaking is business income only where the bonds retain a clear nexus with the assessee's trading assets or business activity. On the facts stated, the assessee had not continued banking operations in India and there was no material showing that the bonds were used in any business; the interest was therefore taxable as income from other sources. As the receipt was not business income and the bonds were not trading assets, no basis arose to carry forward or set off earlier business loss or unabsorbed depreciation against that interest income. en-us Wed, 14 Sep 1983 00:00:00 +0530 Mon, 15 Feb 2010 10:18:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27610 Interest on compensation bonds received on nationalisation of a banking undertaking is business income only where the bonds retain a clear nexus with the assessee's trading assets or business activity. On the facts stated, the assessee had not continued banking operations in India and there was no material showing that the bonds were used in any business; the interest was therefore taxable as income from other sources. As the receipt was not business income and the bonds were not trading assets, no basis arose to carry forward or set off earlier business loss or unabsorbed depreciation against that interest income. Case-Laws Income Tax Wed, 14 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27610