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2010 (2) TMI 408 - HC - Income TaxBusiness Income or income from other sources- The assessee was engaged in the business of sale and purchase of units of mutual funds and money lending business. The Assessing Officer disallowed the claim on account of bad debt. The commissioner (Appeals) deleted the addition on account of disallowance of bad debts. The Tribunal confirm the order of Commissioner (Appeals). Held that- Tribunal had recorded finding of fact that the assessee had the business of sales and purchase of units of mutual funds and money lending which was carried out as an organized activity over a period of time. The income from the money lending business constituted business income.
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