https://www.taxtmi.com/caselaws?id=37363 The interest income of Rs. 63,485 was determined to be assessable as business income rather than income from other sources for the assessment year 1966-67. The High Court upheld the Tribunal's decision, considering the advances made by the assessee-company to be commercial in nature and vital to its business interests, despite the absence of a contractual obligation. Consequently, the interest income was categorized as business income, allowing for its set off against business losses. The Commissioner was instructed to bear the costs of the reference to the assessee. en-us Wed, 28 Feb 1979 00:00:00 +0530 Mon, 29 Mar 2010 12:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37363 The interest income of Rs. 63,485 was determined to be assessable as business income rather than income from other sources for the assessment year 1966-67. The High Court upheld the Tribunal's decision, considering the advances made by the assessee-company to be commercial in nature and vital to its business interests, despite the absence of a contractual obligation. Consequently, the interest income was categorized as business income, allowing for its set off against business losses. The Commissioner was instructed to bear the costs of the reference to the assessee. Case-Laws Income Tax Wed, 28 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37363