Tribunal held that the assessee was engaged in business of real estate development and construction, interest income earned by him from depositing surplus funds in FDRs could not be considered as business receipts rather same was taxable as ‘income from other sources’. (AY. 2001-02 to 2008-09)
Puran Ratilal Mehta v. ACIT (2019) 175 ITD 190/ 175 DTR 217/199 TTJ 607 (Mum.)(Trib.)
S. 56 : Income from other sources-Interest income earned on depositing surplus funds in FDRs is assessable as income from other sources and not as business income. [S. 28(i)]