| COURT: | Gujarat High Court |
| CORAM: | K. J. Thaker J, K. S. Jhaveri J |
| SECTION(S): | 80-IA, 80HH |
| GENRE: | Domestic Tax |
| CATCH WORDS: | derived from the undertaking, interest on fixed deposit |
| COUNSEL: | R. K. Patel |
| DATE: | October 14, 2014 (Date of pronouncement) |
| DATE: | November 18, 2014 (Date of publication) |
| AY: | 1991-92 |
| FILE: | Click here to download the file in pdf format |
| CITATION: | |
| S. 80HHA/ 80-IA: Interest earned on fixed deposits placed out of business compulsion is "derived" from the undertaking | |
Income earned from fixed deposit placed for business purpose cannot be treated as income from other source but must be seen as part of the assessee’s business income. In the present case also the assessee was compelled to park a part of its funds in fixed deposits under the insistence of the financial institutions and therefore the income received thereupon cannot be termed to be income from other sources.
Recent Comments