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2014 (6) TMI 141 - AT - Income TaxTaxability of interest income – Business income or income from other sources – No business activity carried on – Held that:- CIT(A) while allowing the claim of the assessee has observed that among other objects as per the memorandum and article of association of the assessee company, one of the objects was to lend and advance or to give money on credit to such persons or companies on such terms and conditions as may seem expedient - CIT(A) was of the view that one of the objects of the company was also to lend the money and that the claim of the assessee has been consistently allowed by the AO in the earlier years and for this year there was no change of facts and circumstances in the case in hand – thus, there was no reason to interfere in the order of the CIT(A) – interest income is taxable as income from business - Decided against Revenue.
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