Bongaigaon Refinary And ... vs Commissioner Of Income-Tax

The Supreme Court reaffirmed the principles established in Bokaro Steel Ltd.'s case regarding the taxation of income derived from house property, guest house charges, and recoveries from contractors. The Court held that these income items are taxable, aligning with the High Court's previous ruling. Consequently, the appeal was allowed, modifying the order to reflect that the income from these specific sources is in favor of the assessee, while interest income remains taxable.