2000 (2) TMI 8 - SC - Income Tax

Whether Tribunal was right in law in holding that interest on fixed deposit, interest on temporary loans and interest on arrears of sales deposit are to be considered as business income and not income from other sources - Whether Tribunal was right in holding that interest on fixed deposit, temporary loans and on arrears of sales deposit are not taxable under the head Other sources - questions of law arise from the order of Tribunal - Tribunal is directed to refer the above questions to HC

Summary

The Supreme Court allowed the appeals against the Bombay High Court's judgment, directing the Income-tax Appellate Tribunal to refer questions regarding the classification of interest income to the High Court for its opinion. The appeals were allowed with no order as to costs.