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2016 (10) TMI 94 - BOMBAY HIGH COURT

2016 (10) TMI 94 - BOMBAY HIGH COURT - TMI - Receipt of interest - nature of income - “Income from Business” or “Income from other sources” - Tribunal holding that receipt of interest from the New Mangalore Fort Trust loans, Interest on TDRs and interest on dues from Oil Coordination Committee is liable to tax under the head “Income from Business” and not under head “Income from other sources” as held by the Assessing Officer - Held that:- Normally, we do not entertain an appeal from an order of .....

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Revenue states that no attempt was made. Therefore, it is evident that the Revenue has accepted the order dated 11th December, 2003 passed in Respondent Assessee's own case in respect of Assessment Year 1999-2000. Nothing is stated in the affidavit nor any submission is made as to why in spite of the Revenue, having accepted the order dated 11th December, 2003 for Assessment Year 1999-2000, the appeal for the impugned order is being filed and persisted with. In the aforesaid circumstances, we se .....

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The impugned order dated 11th March, 2013 relates to the Assessment Year 2001-02. 2. The Revenue urges the following question of law for our consideration: Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in law in holding that receipt of interest of ₹ 415.71 lacs from the New Mangalore Fort Trust loans, Interest on TDRs of ₹ 34.13 lacs and interest on dues from Oil Coordination Committee of ₹ 1291.21 lacs is liable to tax under th .....

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o facilitate the running of Respondent's business; (b) Interest of ₹ 34.13 lakhs on Term Deposit Receipt (TDR). This being the amount received on non-encashment of debenture warrants leading to credit balance in the bank account; and (c) Interest of ₹ 1291.21 lakhs from Oil Coordination Committee (OCC). This interest arose on account of delay by the Government of India, reimbursing the amount to it under the Administered Price Mechanism (APM) for oil. 4. We find that the impugned .....

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