Interest on the bank deposits held on account of “client account” is assessable under the head “profits and gains of business or profession” and the same would, therefore, be part of the professional income for the purposes of computation of deduction under section 40(a)(ii) of the IT Act, 1961, on account of remuneration permissible to the partners of the firm - ACIT v. Bilawala & Co. [ITA NO. 2509 TO 2511/Mum/2008]
