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2019 (2) TMI 1595 - HC - Income TaxInterest income determination - Correct head of income - business income OR income from other sources - also disallowance of claim of interest expenditure - HELD THAT:- Interest income earned has to be termed as business income in the present facts. This as its activity of lending money was a separate activity of business besides construction We find both the CIT(A) and the Tribunal on examination of records found that the respondent was engaged in construction activities as well as in the activity of lending money. The mere fact that the respondent did not earn any income on its investment made, the interest expenditure would not cease to be an expenditure incurred for business. The concurrent finding of fact by the CIT (A) and the Tribunal cannot be found fault with. Accordingly, the question as proposed does not give rise to any substantial question of law. Thus, the two questions are not entertained. Disallowance u/s 14A r.w.r.8D - HELD THAT:- Where no exempt income is earned in the subject assessment year, occasion to disallow any expenditure under Section 14A could not arise. - Decided against revenue
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