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2008 (1) TMI 365 - BOMBAY HIGH COURT
Business of development of properties - in the course of its business, the assessee received monies in advance from customers intending to purchase flats in the properties – this money is temporarily invested/deposited with the bank - AO assessed this interest income earned on money deposited with the bank as income from other sources - Tribunal is right in holding that the interest income cannot be assessed as income from other sources, but it is assessable as business income
