Interest on FD interest used as LC Margin Money for Industry set-up is taxable as Other Income

In the case in hand, it is not in dispute that the assessee had income of interest through FDRs and while setting off that the Assessing Officer as well as the ITAT did not examine the aspect as to under which provision the assessee claimed deduction or set off his income from other sources against interest payable on pertaining to FDR was not surplus amount but part of the amount was kept to obtain letter of credit for purchase of machinery but so far as interest earned thereon is concerned, that is nothing but income through other sources, as such, the C

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