1966 (10) TMI 45 - SUPREME COURT

Whether, on the facts and in the circumstances of the case, the taxing of the entire interest earned on the fixed deposits made out of the profits earned in Pudukottai by the assessee's branches in the Pudukottai branch of the Bank of Madurai is correct ?

Held that:- The Income-tax authorities were right in holding that the entire interest earned on fixed deposits was taxable. The question referred to the High Court by the appellate Tribunal must be answered in favour of the Income-tax Department and against the respective assessee-companies and these appeals must be allowed