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2011 (1) TMI 1169 - HC - Income TaxWhether income derived out of the Fixed Deposits kept in the bank to obtain a bank guarantee, constitutes business income and not income from other sources - Held that:- investment of amounts in Fixed Deposits by the assessee, was only to secure a bank guarantee to offer it to M/s. KPTCL in order to acquire a contract work, and therefore it cannot be treated as income from other sources and interest accrued on such Fixed Deposits has to be treated as business income only in view of the Judgment of the Apex Court in the case of CIT v. Govinda Choudhury and Sons (1992 - TMI - 5424 - SUPREME Court) , appeal is dismissed.
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