https://www.taxtmi.com/caselaws?id=796741 Consequential assessments made solely under revisional directions cannot survive once the underlying revisional order is quashed, because they have no independent jurisdictional basis. Interest on fixed deposits and loans is assessable as business income where the funds arise from real-estate development operations and are temporarily deployed pending project use. On that basis, brought-forward business losses may be set off against such interest income. The appellate relief treating the interest receipts as business income and invalidating the consequential assessment was sustained. en-us Wed, 15 Jul 2026 00:00:00 +0530 Mon, 10 Aug 2026 08:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796741 Consequential assessments made solely under revisional directions cannot survive once the underlying revisional order is quashed, because they have no independent jurisdictional basis. Interest on fixed deposits and loans is assessable as business income where the funds arise from real-estate development operations and are temporarily deployed pending project use. On that basis, brought-forward business losses may be set off against such interest income. The appellate relief treating the interest receipts as business income and invalidating the consequential assessment was sustained. Case-Laws Income Tax Wed, 15 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796741