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2008 (1) TMI 587 - HC - Income TaxBusiness Income- The assessee, a public limited company declared nil income in its return of income. Assessing officer found there was a proposal to start a steel plant which had not commenced production but the assessee had earned income by way of interest in deposits. The Assessing Officer held that the assessee had not commenced any business and treated the income so earned as “Income from other sources”. Commissioner (Appeals) dismissed the appeal. Tribunal held that the investment of shares and finance came within the ancillary object of the assessee company and any income and the assessee was entitled to claim interest earned and dividend received had to be treated as income from business and that the expenditure incurred by the central treasury office was to be treared as revenue expenditure and directed the Assessing officer to pass order accordingly. Held that- relief granted by the Tribunal without considering all the points urged before it, the order was to be set aside and remanded to the assessing officer for fresh consideration.
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