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2008 (2) TMI 425 - KARNATAKA HIGH COURTInvestment deposit account - Whether the interest earned by the appellant out of the deposits were excludible from the eligible profits for the purpose of deduction under section 32AB of the Act - Whether the Tribunal was justified in holding that the surplus out of the amount approved by the Government for meeting additional expenditure by the appellant would constitute the income in spite of the fact that the said amount was held in a fiduciary capacity by the appellant on behalf of the Government of Karnataka – held that - Assessing Officer has failed to record any specific and categorical findings with regard to the facts of this case, the nature of the business activities being carried out by the assessee and the reason for its earning interest on certain deposits. The same have not been gone into in detail to record a finding if it would form part of business income or it would be income from other sources – matter remanded.
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