Express Infrastructures (P.) Ltd. v. Dy. CIT (2021) 276 Taxman 22 (Mad.)(HC)

S. 56 : Income from other sources-Interest-Short term deposits-Pre -operative period before commencement of business-Assessable as income from other sources.

Dismissing the appeal of the revenue the Court held that interest earned by assessee-company on short-term deposits made by it with bank out of loans borrowed for setting-up of commercial complex in pre-operative period before commencement of business was to be considered as income from other sources. (AY. 2009-10)