TMI Blog2014 (10) TMI 1017X X X X Extracts X X X X X X X X Extracts X X X X ..... case M/S MOTOROLA INDIA ELECTRONICS PVT LTD [ 2014 (1) TMI 1235 - KARNATAKA HIGH COURT] where it was held the interest received or the consideration received by sale of import entitlement is to be construed as income of the business of the undertaking, then there is a direct nexus between this income and the income of the business of the undertaking. Though it does not par take the character of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Tribunal was correct in holding that a sum of ₹ 62,57,04,427/- interest income earned by the assessee from fixed deposits were liable to tax under the head Income from Business and not under the head Income from Other Sources as held by the Assessing Officer and confirmed by the Appellate Commissioner? ii) Whether the Tribunal was correct in holding that the claim of deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofit and gains from the sale of an article. In view of the definition of Income from Profits and Gains incorporated in Subsection (4), the assessee is entitled to the benefit of exemption of the said amount as contemplated under Sectiofn 10B of the Act. Therefore, the interest derived from the said deposit is also exempted from payment of tax. 4. In that view of the matter, the substantial q ..... X X X X Extracts X X X X X X X X Extracts X X X X
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