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2015 (4) TMI 339 - HC - Income TaxInterest received on income - whether would fall under the head 'Business Income' or 'Income from other sources' ? - whether ITAT was right in law in not deciding the issue on merits in respect of the interest income by remitting back the issue to the file of the Assessing Officer? - Held that:- A cursory glance at the order of assessment as also the order of the CIT (Appeals) reveals that the Assessing Officer has taken a view that the interest earned from money lending business is 'income from other sources', whereas the CIT (Appeals) has taken it under the head 'Business Income'. Both the authorities, as is evident from their orders, have given their finding for treating the said income under the relevant heads. However, the Tribunal has lost sight of the said findings recorded by the authorities below, and in its order has stated that no finding has been rendered on this issue on facts by the authorities below, which is factually incorrect. In such view of the matter, this Court is not inclined to decide the issue at this point of time on the questions of law raised above, since we find that the Tribunal had failed to go into the relevant portion of the orders of the Assessing Officer and CIT (Appeals) and come to a definite finding as to which view, i.e., whether the view of the Assessing Officer or the view of the CIT (Appeals), in regard to bringing the interest income earned from money lending business under appropriate head, is right on the facts of the present case. Thus the Tribunal has not decided the issue on facts and, therefore, no question of law arises for this Court to consider at this juncture. Accordingly, this Court remands the matter back to the Tribunal to decide the issue afresh on the basis of the materials available on record. - Decided in favour of assessee by way of remand.
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