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2015 (9) TMI 1247 - SUPREME COURT

2015 (9) TMI 1247 - SUPREME COURT - TMI - Interest earned from Fixed Deposits before business actually commenced - 'interest from other sources' OR 'business income' - Held that:- We are not going into this issue inasmuch as this appeal can be disposed of on the ground that consistency does demand that there being no change in circumstances, the income for the year 1993-94 would also have to be treated business income as for the previous three years. - Decided in favour of assessee. - Civil Appe .....

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d in the present case), the Assessing Officer held that interest earned from Fixed Deposits before business actually commenced would be taken under the head 'interest from other sources' and not under the head 'business income'. This was reversed by the Commissioner of Income Tax (Appeals) by its order dated 4th September, 1996 taking into account inter alia the fact that for the previous three assessment years the assessee for similar interest from such fixed deposits had been h .....

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