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2007 (12) TMI 271 - SC - Income TaxBusiness income and income from other sources under section 28, 56 – interest – The assessee is an exporter. The issue is that whether the interest income received by the assessee on short term fixed deposit constituted part of the total turnover of the assessee’s business and also whether it formed part of the total business income of the assessee. Held that- the matter has not examined the factual basis, as according to the department it was the case of surplus being invested in FDR while according to assessee it was the case of advance having been received from the exporter which was invested in FDR for short duration. Thus the matter is remitted to the tribunal for fresh decision.
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