TMI BlogInterest income of the appellant-Corporation - income from other sources u/s 56 or Business income u/s...Interest income of the appellant-Corporation - income from other sources u/s 56 or Business income u/s 28 - The business activity of the appellant-Corporation is really that of an intermediary to lend money or give grants. Thus, the generation of interest income in support of this only business (not even primary) for a period of time when the funds are lying idle, and utilised for the same purpose would ultimately be taxable as business income. The fact that the appellant- Corporation does not c..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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