Dismissing the appeal of the assessee the Tribunal held that ; since interest was emanating from amount paid by assessee and not directly from its business activities, it could not be considered as business income of assessee. ( AY.2007 -08)
Dewa Projects (P.) Ltd. v. ACIT (2018) 170 ITD 326/166 DTR 105/ 193 TTJ 755 (Cochin) (Trib.)
ACIT v. Shrey Sharma Guleri Prime Channel Software Communications (P.) Ltd. (2018) 170 ITD 295 (Mum) (Trib.)
S.56: Income from other sources -I nterest from GIDA on cancellation of auction plots under direction of Supreme Court, since interest was emanating from amount paid by assessee and not directly from its business activities, it could not be considered as business income. [ S.28(i) ]