https://www.taxtmi.com/caselaws?id=36991 The High Court ruled against the assessee in a tax case involving deductions for interest payments on bank deposits and the characterization of interest income from dollar funds. The court held that the interest paid on borrowed funds was not solely for earning interest income, thus not meeting the criteria for deduction. Additionally, the court determined that the interest received from the deposits constituted income and was not considered business income. Consequently, all issues were decided in favor of the tax department, with costs awarded to the department. en-us Thu, 07 Dec 1978 00:00:00 +0530 Thu, 25 Mar 2010 17:06:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36991 The High Court ruled against the assessee in a tax case involving deductions for interest payments on bank deposits and the characterization of interest income from dollar funds. The court held that the interest paid on borrowed funds was not solely for earning interest income, thus not meeting the criteria for deduction. Additionally, the court determined that the interest received from the deposits constituted income and was not considered business income. Consequently, all issues were decided in favor of the tax department, with costs awarded to the department. Case-Laws Income Tax Thu, 07 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36991