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2011 (2) TMI 1192 - KERALA HIGH COURTInterest received from deposits held with banks - income from business or from other sources - Held that:- As assessee has put up a new case before the Tribunal that under the R.B.I. directions the assessee, a non-banking financial company has to maintain bank deposits towards security - assessee has not put up such a case before the Assessing Officer when he proposed to assess interest on deposits as income from other sources - Decided in favor of the assessee by way of remand Disallowance u/s 14A - Held that:- As it is not known whether the assess earned any income in trading of shares or in the purchase and sale of real estate - even if investments in shares yield dividends which being non-taxable interest on borrowed funds diverted for acquisition of such shares will not be eligible for deduction under Section 14A - neither the CIT(Appeals) nor the Tribunal have considered this issue properly - Appeal is allowed by way of remand
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