Tuticorin Alkali Chemicals And ... vs Commissioner Of Income Tax, Madras on 8 July, 1997
Shri Jaideep Gupta, learned senior counsel appearing on behalf
of the Revenue has argued before us that in Tuticorin Alkali
Chemicals & Fertilizers Ltd. vs. Commissioner of Income-tax [227
ITR 172], this Court has held that in such a situation such income
would have to be treated as interest from other source and not as
business income. This is resisted by the learned counsel appearing
on behalf of the assessee.