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2002 (12) TMI 15 - HC - Income Tax"Whether the Tribunal was right in holding that interest income earned by the assessee was taxable under the head 'Other sources of income' and not under the head 'Business income' and, therefore, the Assessing Officer was not justified in charging maximum marginal rate under section 161(1A)?" - we hold that the income earned by the assessees was taxable at the maximum marginal rate under section 161(1A) of the Act. That, the said section was applicable as in this case the assessee has earned income which was assessable under the head "Business income". We, accordingly, answer the above question in the negative, i.e., in favour of the Department and against the assessee.
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