2009 (2) TMI 412

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....nsidered opinion sufficient cause has been shown to condone the delay in filing the present appeal. The application for condonation of delay is thus allowed and disposed of. We now take up the application for admission of the appeal. 2. Mr. Bhowmick, learned counsel appearing in support of this application tried to point out the grievance in this matter is in respect of interest on loan and the....

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....) in its order considered the said issue and directed the Assessing Officer to treat the interest income as business income and not income from other sources and further directed to recalculate the deduction under section 80HHC of the said Act. Taking into account such facts the contention of the Department before the learned Tribunal was that the interest income has no business relationship and t....

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....Ltd. v. CIT reported in [1997] 227 ITR 172 and came to the conclusion that the interest earned by the assessee on loans, interest from bank (short-term deposit) and the income on the booking of cars and other income, the details of which are mentioned in the account was the interest earned by the assessee by putting the surplus fund arose on account of business carried on by the assessee and the s....