ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal for the A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

282 (SC). The main emphasis of the Assessing Officer was on proving the fact that the appellant society has parked surplus funds that are not required immediately for business into fixed deposits and accordingly interest earned on such funds would come under the category of „Income from Other Sources‟ taxable under section 56 of the I.T. Act, 1961 and thus