1998 (12) TMI 4 - SUPREME COURT

Assessee invested the amounts borrowed by it for the construction work which were not immediately required, in short-term deposits and earned interest - entry which was initially made as interest was reversed in the next year because in fact the nature of the transaction was changed and the assessee did not receive any real income - HC has rightly held this entry as not reflecting the real income of the assessee and hence not exigible to income-tax - Appeal is dismissed as not maintainable