2007 (12) TMI 271

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....pellant. Sanjay Kunnur and Ramesh Keshwani for Keshawani and Co; Advocates, for the respondent. ORDER 1. The only issue which arose before the Tribunal was whether the interest income received by the assessee on short-term fixed deposit constituted part of the total turnover of the assessee's business and also whether it formed part of the total business income of the assessee. 2. In the prese....

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....ctual basis. According to the Department, it was the case of surplus being invested in FDR whereas according to the assessee it was the case of advance having been received from the exporter which was invested in FDR for short duration. 4. In view of the absence of factual matrix we are of the view that to decide the question as to whether the receipt fell under section 28 or under section 56 th....