TMI Blog2009 (11) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... k 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. - 223, 224 and 249 of 2002 - - - Dated:- 23-11-2009 - RAMACHANDRAN NAIR C. N., MOHANAN V. K. JJ. V.N. Achutha Kurup and Smt. Bindu Sreekumar for the appellant. P.K.R. Menon and Jose Joseph for the respondent. JUDGMENT C. N. Ramachandran Nair J.- The connected appeals arise from the common order of the Income-tax Appellate Tribunal disposing of the appeals filed by the assessee as well as the Department against the modification of the income determined by the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the bank deposits treated as business income was assessed under the head "Income from other sources". The assessee filed appeal against the assessment before the Commissioner of Income-tax (Appeals) who though upheld in principle the best judgment assessment, converted the method of assessment to estimation of income from contract at 8 per cent. of gross contract receipts, net of depreciation. Consequently, the addition made by the Assessing Officer to business income in the form of disallowance of provision was deleted by the Commissioner (Appeals). Both the assessee as well as the Department filed appeals before the Tribunal. 2. The Tribunal, after hearing both sides, dismissed the appeals by a common order holding that in the ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e fact finding authority. We do not find any substantial question of law arising from the orders of the Tribunal on estimation of income. We therefore dismiss the appeals on this issue. 3. The next question raised in the assessee's appeal is only against the assessment of interest income from bank deposits as income from other sources. Even though the assessee has canvassed several decisions in their support, we find that the interest received is from bank deposits main-tained by the assessee and the Tribunal decided the matter by relying on the decisions of the Supreme Court, reported in Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT [1997] 227 ITR 172, another decision of the Supreme Court reported in CIT v. Coromandal Cements L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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