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TMI Blog2016 (7) TMI 1539X X X X Extracts X X X X X X X X Extracts X X X X ..... is directed against the order dated 06.11.2014 passed by Ld CIT(A)-21, Mumbai and it relates to the assessment year 2010-11. The assessee is aggrieved by the decision of Ld CIT(A) in upholding the assessment of interest income earned on fixed deposits under the head Income from other sources, as against the claim of the assessee to assess the same as business income. 2. We heard the parties and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the interest income should be assessed under the head Business. In this regard, he placed reliance on the decision rendered by Hon'ble Bombay High Court in the case of Lok Holdings (308 ITR 356) and also the decision rendered by the co-ordinate bench in the case of M/s West Gujarat Expressway Ltd (ITA No. 1284/Mum/2011 dated 27.02.2013). In the alternative, the Ld A.R submitted that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial statements, we notice that the assessee has borrowed loans for executing the project and the amount of loan outstanding as on 31.3.2010 stand at Rs. 824.73 crores. The loan taken from banks alone stands at Rs. 503.29 crores. It is an admitted fact that the term loans have to be repaid in fixed installments and hence there is merit in the contentions of the assessee that it was constrained to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee out of the advances so received was deposited in Fixed deposits. The Hon'ble jurisdictional Bombay High Court, after considering the decision of Hon'ble Supreme Court rendered in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd (supra), held that the interest income is assessable under the head Income from business. 6. In view of the foregoing discussions, We set aside the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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