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2015 (10) TMI 1741 - HC - Income TaxTreatment to interest income - business income or income from other sources - adjust B/F losses related to the assessment year 2001-02 against interest Income denied by AO - ITAT allowed assessee claim - Held that:- CIT(A) allowed the appeal on the issue of interest income by treating the same as business income. The CIT(A) also allowed the issue of set off of brought forward business losses with profit from money lending business of the assessee considering that the income from interest under the head 'Income from business or profession' confirmed by ITAT as relying on Commissioner of Income Tax I, Ludhiana vs. Late Smt.Reeta Gupta C/o M/s R.K.Cloth Mills, Ghass Mandi, Ludhiana [2015 (10) TMI 1740 - PUNJAB & HARYANA HIGH COURT] - Decided in favour of assessee.
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