TMI Blog2009 (2) TMI 412X X X X Extracts X X X X X X X X Extracts X X X X ..... cars and other income, the details of which were mentioned in the account was interest earned by assessee by investing the surplus funds and arose on account of business carried on by the assesseee and the business was authorized by clause 18 of the object clause of the memorandum and article of association of the assessee. Held that- there is no substantial question of law raised, thus appeal ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness income and not income from other sources. Hence, the appeal was preferred by the assessee before the learned Tribunal. The assessee is an exporter of silk fabrics. During the assessment year, the assessee received interest on various heads including the interest on loan and interest from bank (short-term deposit). The assessee treated the amount of interest as business income and claimed d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HC (3) of the Act but only 10 per cent. of the said amount was claimed for the purpose of deduction under section 80HHC in terms of Explanation (baa) to sub-section (4C) of section 80HHC of the Act. 4. The learned Tribunal considered these facts and came to the conclusion that the aggregate amount which could not be said to be an income, being the interest income, is a business income and could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income-tax (Appeals) that the interest from the above loan is the income of the assessee during the course of its business and as such it is to be assessed under the head "Business income", and therefore, the Commissioner of Income-tax (Appeals) was justified to direct the Assessing Officer to consider the said interest. 6. In these circumstances, we have not been able to find o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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