Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 155 - AT - Income TaxCharacterization of income - Interest Income - ‘Income from Other Sources’ or ‘Business Income’ declared by the assessee - assessee is a share broker and investor - Assessing Officer in scrutiny assessment proceedings recharacterised the nature of interest income of the assessee as ‘Income from Other Sources’ - HELD THAT:- This issue of assessee declaring interest income from money lending business under the head ‘Business Income’ and Assessing Officer disputing the same holding the interest income under the head ‘Income from Other Sources’ is recurring in the past couple of assessment years. In assessment year 2011-12I [2018 (5) TMI 40 - ITAT MUMBAI] identical issue had come up before the Tribunal in an appeal by the Revenue and Tribunal decided the issue in favour of assessee - CIT(A) accepted the contentions of the assessee and held that interest income earned by the assessee is to be taxed under the head ‘Business Income’. The Revenue has accepted the same and has not filed any appeal before the Tribunal. This fact has not been controverted by the ld. Departmental Representative. Thus, in the facts of the case and the decision of Tribunal in assessee’s own case for assessment year 2011-12, the appeal of assessee is accepted.
|