Supreme Court · 1997 INSC 530 · Decided 8 July 1997
M/S Tuticorin Alkali Chemicals and Fertilizers LTD., Madras v. Commissioner of Income Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1997 INSC 530 · [1997] SUPP. 1 S.C.R. 528
- Case number
- CIVIL APPEAL No. 1/1992
- Decided
- 8 July 1997
- Bench
- S.P. BHARUCHA, S.C. SEN, M. JAGANNADHA RAO (3-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
C Income Tax, 1961-Sections 4, 56, 57-lncome from other sour- ces-Taxability-Interest received by a Company from bank deposits and loans-lncome derived from funds bo1Towed for setting up the factory of the Company-Company had not yet commenced its business-Whether interest derived by the assessee invested in short tenn deposits would be chargeable to tax under the head 'l11co111e from other sources-Held, D yes-It should not be adjusted against the interest payable on bo1Towed funds. The petitioner company, incorporated for the purpose of manufacturing heavy chemicals, had taken term loans
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