Case Laws |
|
Advanced Search Options
Income Tax - Supreme Court - Case Laws
Showing 1 to 1 of 1 Records
More information of case laws are visible to the Subscriber of a package i.e:- Party Name, Court Name, Date of Decision, Full Text of Headnote & Decision etc.
- 2020 (9) TMI 496 - SUPREME COURT
Interest income of the appellant-Corporation - whether would fall within the category of income from other sources under Section 56 for which allowable deductions are enumerated under Section 57 of the IT Act OR income from business - High Court opined that since the business of the appellant-Corporation was to receive funds and to then advance them as loans or grants, the interest income earned which was so applied would also fall under the head ‘D’ of Section 14 of Chapter IV of the IT Act under the head of ‘profits and gains of business or profession’ being a part of its normal business activity - HELD THAT:- We are in agreement with this view taken by the High Court, as the only business of the appellant-Corporation is to receive funds and then to advance them as loans or grants. The interest income arose on ac....... + More
|
|
|
|