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2009 (11) TMI 399 - HC - Income TaxBusiness Income – Income From Other Sources- Best Judgment Analysis- The assessee was engaged as contractor in the construction of dams and laying of pipe line etc. The assessee not produced the books of accounts and other evidences. Thus the assessing officer made base judgment analysis. Held that- best judgment analysis justified. Assessing Officer held that interest income received from the bank deposits treated as income from business while the assessee treated it as income from other sources which was also confirmed by Tribunal. Held that- the assessee’s claim that interest was earned from bank deposits made in the course of business, did not make the interest business income because the assessee was not engaged in money-lending business. Interest earned from the bank deposit was rightly held by the Tribunal to be income from other sources.
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