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2019 (1) TMI 1204 - AT - Income TaxCorrect head of income - interest derived by the assessee on surplus advanced to the parties - Business income OR Income from other sources - Held that:- AO has not controverted the figures of the interest expenses in the assessment order. AO has only generally expressed that the total interest expenses was admissible as a deduction against the business income which has been claimed as exempt income by taking recourse to section 80IB (10) - also not the case of the Assessing Officer that the funds were not used for business as in the assessment order it is explicitly stated that the funds were used for business and therefore, the interest received cannot fall under the head income from Other Sources. On this premise, the Ld. CIT(A) has provided relief to the assessee. No infirmity in the findings of the Ld. CIT(Appeals) which is thereby upheld - Decided against revenue
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