Tribunal held that interest income earned by assessee from fixed deposits kept with banks, in normal course of business was to be taxed as business income. (AY. 2006 -07)
ACIT v. JSW Steel Ltd. (2020) 180 ITD 505 (Mum) (Trib.)
S. 28(i) : Business income – Income from other sources- Interest income on fixed deposits – Extending guarantee to Government authorities -Assessable as income from business and not as income from other sources .[ S.56 ]