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2011 (8) TMI 1132 - AT - Income TaxNature of income - Held that:- Assessee has earned interest on bank deposit and share application money amounting to ₹ 14,39,68,000/-. The said income has declared as business income which the AO has treated as income from other sources being interest earned on surplus funds. We find that the assessee was not engaged in money lending business and the interest was earned by parking surplus funds in banks and with other (share application money). Hence the same cannot be chargeable under the head “income from business and profession” and can be treated as only “income from other sources. Hence we confirm the order of the Ld. CIT(A) and dismiss the appeal of the assessee on this issue.
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