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2019 (2) TMI 1460 - ITAT CHANDIGARHInterest on Income Tax Refund - Correct head of income - addition under the head "Income from other Sources" as the assessment has been framed by applying a net profit @ 7% on the Gross receipt of the assessee - assessment as busniss income - HELD THAT:- As in Commissioner of Income Tax-I V vs. M/s Delhi State Industrial & Infrastructure Development Corporation Ltd. [2012 (8) TMI 158 - DELHI HIGH COURT] dealing with the similar issue has held that interest received on income tax refund is a statutory interest received and hence has to be subject to tax under the head income from other sources. In the instant case the assessee has received interest from the income tax dept on the excess TDS deducted and hence the interest is liable to be assessed as “Income from other Sources” and not under the head “Profits and gains of business or profession” - decided against assessee.
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