Interest income taxable under head 'other sources' if there was no business compulsion for making bank deposits: ITAT

INCOME TAX : Where for assessment year 2012-13 Assessing Officer being of view that assessee, a real estate developer, had not set up his business at all during year, disallowed business expenditure claimed by it, since assessee had started acquiring lands in 2007 itself, it could be concluded that business of assessee had already been set up, and, thus, expenses incurred in running business of assessee was allowable u/s 37(1)

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