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2004 (10) TMI 42 - BOMBAY HIGH COURTInterest earned by the assessee by investing surplus money received in public issue in bank deposits - "Whether the income received by the assessee on the surplus money in public issue of shares invested in bank deposits for a period of 45 days was assessable under the head 'Income from other sources'?" - Contention of appellant that the surplus money from the public issue was a working capital, is not acceptable as it was not the case before the Tribunal nor is it the case even in the memo of appeal before us – Thus, it cannot be said that the surplus funds available with the assessee acquired in public issue were funds acquired from the business activity and when it is not so, the interest earned thereon in short-term deposit cannot be treated as business income and has to be treated as income from other sources- Held that the income of interest earned by the assessee by investing surplus money received in public issue in bank deposits for a period of 45 days was assessable as income under the head "Income from other sources".
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