https://www.taxtmi.com/caselaws?id=38136 The sum treated as interest on securities by the assessee-bank was deemed to be business income under section 28 of the Income-tax Act. The Tribunal's decision, supported by precedents and legal principles, concluded that the amount was part of the sale consideration linked to interest receivable, not actual interest. This aligns with the understanding that profits from securities sales in banking operations constitute business income. The department was allowed to recover costs and advocate's fees based on this decision. en-us Mon, 12 Jun 1978 00:00:00 +0530 Sat, 03 Apr 2010 13:31:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38136 The sum treated as interest on securities by the assessee-bank was deemed to be business income under section 28 of the Income-tax Act. The Tribunal's decision, supported by precedents and legal principles, concluded that the amount was part of the sale consideration linked to interest receivable, not actual interest. This aligns with the understanding that profits from securities sales in banking operations constitute business income. The department was allowed to recover costs and advocate's fees based on this decision. Case-Laws Income Tax Mon, 12 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38136