2020 (2) TMI 1768

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....ri. K.V. Aravind, learned counsel For the Respondent : Mr. A Shankar, learned senior counsel along with Mr. Venkatesh K Pani, learned counsel JUDGMENT This appeal, under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act' for short) has been filed by the revenue, which was admitted by a Bench of this Court vide order dated 26.03.2012 on the following substantia....

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....usiness of manufacturing and sale of pellets, hot/cold rolled coils/sheets and plates and slag cement. In respect of the assessment year 2005-2006, the assessee filed the return of income tax on 29.10.2005, by which the income was declared as NIL. The Assessing Officer passed an order dated 31.12.2007 and held that the deposits given to M/s Sky Build Pvt. Ltd., was not in the course of business an....

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....the revenue submitted that the Assessing Officer was justified in holding that the income derived from interest on the deposits was liable to be taxed under the head of "income from other sources" and Section 57 of the Act did not provide for allowing of such an expenditure by writing off the same. 5. On the other hand, learned Senior counsel for the assessee has supported the order passed by t....