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2020 (11) TMI 649 - AT - Income TaxCorrect head of income - fixed deposit interest income - Income from Business & Profession or Income from Other Sources - HELD THAT:- We find that the facts of the assesee involved for the AY 2013-14 i.e the year under consideration are exactly identical with that facts prevailing in AY 2011-12 & 2012-13. We find that for the AY 2011-12, this Tribunal in assessee’s own case [2018 (6) TMI 1725 - ITAT MUMBAI] had already adjudicated the very same issue in dispute before us and had dismissed the appeal of the revenue as held interest earned by the assessee was obviously attributable and incidental to the business carried on by it, that it would not be correct to say that this interest was totally de hors the business carried on by it. It is well-settled that interest can be assessed under the head Income from other sources, only if it cannot be brought within one or the other of the specific heads of charge. In the case before us the interest income is clearly and justifiably assessed as business income. In short, the case under consideration is not a case of depositing unutilized and surplus money by the assessee to earn interest and, therefore, the interest earned by the assessee cannot be assessed as Income from other sources - Decided in favour of assessee.
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