2011 (1) TMI 574

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..... Deposits by the assessee, was only to secure a bank guarantee in order to acquire a contract work, and therefore it cannot be treated as income from other sources and interest accrued on such Fixed Deposits has to be treated as business income only in view of the Judgment of the Apex Court in the case of CIT v. Govinda Choudhury & Sons [1992 (4) TMI 8 - SUPREME Court] -
N. KUMAR AND RAVI MALIM .....

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..... m such deposits as business income. The Assessing Officer treated the said income as income from other sources and did not accept the case of the assessee that it is a business income. Accordingly he passed the assessment order. Challenging the said order the assessee preferred an appeal which came to be dismissed. Aggrieved by the same, the assessee preferred an appeal to the Tribunal. The Tribun .....

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..... e treated as income from other sources and interest accrued on such Fixed Deposits has to be treated as business income only in view of the Judgment of the Apex Court in the case of CIT v. Govinda Choudhury & Sons [1993] 203 ITR 881/[1994] 74 Taxman 331. In view of the aforesaid decision of this Court which is based on the Apex Court Judgment, which has also attained finality, the ratio therein eq .....

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