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2021 (9) TMI 649 - AT - Income TaxCorrect head of income - interest income received on loan advanced to be assessed as “Income from business" or “Income from other sources” - HELD THAT:- It would be relevant to observe, in assessee’s own case in assessment year 2013-14 [2020 (1) TMI 162 - ITAT MUMBAI] while completing the assessment under section 143(3) of the Act, the assessing officer treated the interest income received on loans advanced as “Income from business” and also allowed the corresponding expenditure. However, the revisionary authority in exercise of powers conferred under section 263 of the Act revised the assessment order and directed the assessing officer to treat the interest income as “Income from other sources”. While deciding assessee’s appeal against revisionary order passed under section 263 of the Act, the Tribunal not only quashed the order passed under section 263 of the Act, but also restored the assessment order passed by the assessing officer treating the interest income earned on loans advanced as business income and also allowing corresponding expenditure. - Decided against revenue.
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