Interest on bank deposits made for Business compulsions is taxable as business Income

At the outset, the learned Counsel for the assessee stated that immediately preceding year i.e. assessment year 2009-10, the Tribunal in Assessee’s own case in ITA No. 5904/Mum/2012, dt. 15-4-2015 on the very same issue dismissed Revenue’s appeal by holding that the interest income earned by assessee on the security deposits with the bank as per the common loan agreement is to be assessed as income from pr

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