FDR interest taxable under ‘Income from other sources’

Skyline Prashasti Vs DCIT (ITAT Mumbai) ITAT Mumbai held that interest earned from FDR is taxable under section 57 under the taxable head ‘Income from other sources’ and not under business income. Facts- During the course of assessment, A.O on examination of the computation of work-in-progress noticed that assessee had deducted a sum of Rs.1,27,160/- under the head interest on FDR from the gross work in progress. A.O was of the view that interest earned on FDR was required to be assessed u/s 57 of the Act as income from other sources. Accordingly, the A.O has assessed the said interest on ...