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2022 (3) TMI 153 - AT - Income TaxCorrect head of income - interest income qualifies as "Income from Other Sources" or 'Income from Business or Profession" - The assessee is a society registered under the under the Society Registration Act, 1960 with the object to augment and promote sports in the State of Gujarat - HELD THAT:- As relying on cases GUJARAT CRICKET ASSOCIATION [2019 (11) TMI 35 - GUJARAT HIGH COURT],THE BOMBAY PRESIDENCY GOLF CLUB [2016 (5) TMI 1179 - ITAT MUMBAI] ,THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [2013 (7) TMI 205 - DELHI HIGH COURT] and case of ICAI [2011 (9) TMI 77 - DELHI HIGH COURT] Claim of depreciation against Interest Income - HELD THAT:- As noted above, the assessee in the present set of facts is not earning any business income and has earned only interest income which is assessable as “income from other sources”. Accordingly, in our view, depreciation as claimed by the assessee cannot be allowed. We accordingly uphold the order of Ld. CIT(A) and dismiss the appeal of the assessee in respect of ground no. 3.
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