https://www.taxtmi.com/caselaws?id=56753 The Tribunal affirmed the classification of interest income as income from other sources, as the assessee had not commenced any business during the relevant year. Most expenses were allowed against the income, except for preliminary expenses of a capital nature. The Tribunal clarified that the mere deposit of surplus funds and earning interest did not constitute carrying on any business. The appeal was partly allowed, rejecting the appeal concerning the charge of interest under relevant sections of the Act. en-us Mon, 15 Oct 1984 00:00:00 +0530 Mon, 06 Dec 2010 15:58:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56753 The Tribunal affirmed the classification of interest income as income from other sources, as the assessee had not commenced any business during the relevant year. Most expenses were allowed against the income, except for preliminary expenses of a capital nature. The Tribunal clarified that the mere deposit of surplus funds and earning interest did not constitute carrying on any business. The appeal was partly allowed, rejecting the appeal concerning the charge of interest under relevant sections of the Act. Case-Laws Income Tax Mon, 15 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56753