Taxpublishers.in - InterestingDecision/Flash_16206.htm - Tax Publishers Your Tax Solution Hub

Share via Whatsapp 221 Views


The Tax Publishers Britannia Engineering Ltd. v. Dy. CIT [ITA No. 475/Kol/2013, dt. 6-4-2016] : 2016 TaxPub(DT) 2129 (Kol-Trib) Income from fixed deposit whether business or other sources *Facts:* Assessee had kept money in fixed deposits which were used to borrow monies by way of overdraft. The interest on FD was offered as business income. Assessing officer held it as other sources. Commissioner (Appeals) held it as business income. Thus cross appeals reached the ITAT. Held by the ITAT that the holding of FD had nexus with the borrowing activity of the assessee proximately thus was business income.

The Tax Publishers

Britannia Engineering Ltd. v. Dy. CIT [ITA No. 475/Kol/2013, dt. 6-4-2016] : 2016 TaxPub(DT) 2129 (Kol-Trib)

Income from fixed deposit whether business or other sources

Facts:

Assessee had kept money in fixed deposits which were used to borrow monies by way of overdraft. The interest on FD was offered as business income. Assessing officer held it as other sources. Commissioner (Appeals) held it as business income. Thus cross appeals reached the ITAT.

Held by the ITAT that the holding of FD had nexus with the borrowing activity of the assessee proximately thus was business income.