2020 (1) TMI 1642 - SCH - Income Tax

Interest income earned towards the surplus funds lying with it - business income or income from other source - AO had brought amounts to tax As decided by HC on question of treatment of the amounts derived as to whether they are business income or income from other source judgment in NTPC SAIL Power Co. Pvt. Ltd. 2012 (10) TMI 524 - DELHI HIGH COURT is conclusive and averse to the Revenue. HELD THAT - As petitioner on instructions issued by the Department of Revenue Ministry of Finance vide F.No.390/Misc./116/2017-JC dated 22.08.2019 seeks permission to withdraw this special leave petition along with pending applications therein due to low tax effect. Permission granted subject to just exceptions. SLP and pending applications are dismissed as withdrawn leaving question(s) of law open.

Summary

The Supreme Court of India allowed the petitioner to withdraw the special leave petition and pending applications due to low tax effect. The petition and applications were dismissed as withdrawn, leaving legal questions open.