1990 (8) TMI 78 - HC - Income Tax

Summary

The High Court of Orissa held that interest received by a company from fixed deposits is not considered business income. The Tribunal's decision was affirmed, stating that the investment in banks was not the main business of the company. The Income-tax Officer treated the interest as income from other sources, and the matter is pending before the Income-tax Appellate Tribunal. The court's decision will not influence the pending dispute. The answer to the question is affirmative.