2012 (9) TMI 372

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....kha Raman, Adv. Ms. Namrata Sood, Adv. Mr. Anuj Sarma, Adv. for M/s. K.J. John & Co., Advs. For Respondent : Mr. Rupesh Kumar, Adv. Mr. Arijit Prasad, Adv. Mr. S.W.A. Qadri, Adv. Ms. Anil Katiyar, Adv. for Mr. B.V. Balaram Das, Adv. JUDGEMENT Heard learned counsel on both sides. Leave granted in this batch of three cases. In civil appeal arising out of S.L.P. (C) No.12756 of 2008, t....

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....non Impex Private Limited, [2003] 259 I.T.R. 403, wherein a similar question arose as to "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the interest income derived by the assessee from funds in connection with Letter of Credit is income derived from the profits of business of the industrial undertaking so as to be entitled to get the bene....

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....ct that the deposit was made for obtaining Letter of Credit which Letter was, in turn, used for the purpose of business undertaking did not establish a direct nexus between the interest and industrial undertaking. Thus, the judgment of the Madras High Court in Menon Impex Private Limited [supra] was based on the examination of the transaction in detail which exercise has not been undertaken in the....