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Commissioner of Income Tax I, Ludhiana Versus Smt. Pushpa Gupta

2015 (10) TMI 1741 - PUNJAB AND HARYANA HIGH COURT

Treatment to interest income - business income or income from other sources - adjust B/F losses related to the assessment year 2001-02 against interest Income denied by AO - ITAT allowed assessee claim - Held that:- CIT(A) allowed the appeal on the i .....

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he head 'Income from business or profession' confirmed by ITAT as relying on Commissioner of Income Tax I, Ludhiana vs. Late Smt.Reeta Gupta C/o M/s R.K.Cloth Mills, Ghass Mandi, Ludhiana [2015 (10) TMI 1740 - PUNJAB & HARYANA HIGH COURT] - Decided i .....

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. 1. This order shall dispose of ITA Nos.188, 533 and 534 of 2009 as the issue involved in all the three appeals is identical. However, the facts are being extracted from ITA No.188 of 2009. 2. ITA No.188 of 2009 has been preferred by the revenue und .....

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2004-05, claiming following substantial questions of law:- i) Whether the Hon'ble ITAT was right in law and facts and in the circumstances of the case in treating the interest income as business income whereas the same was assessed under the head .....

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. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The assessee is an individual. She filed her return of income on 15.10.2004 declaring Income of ₹ 2,69,354/-. The assessee derives inc .....

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e B/F losses relating to the assessment year 2001-02 amounting to ₹ 72,28,044/- from the interest income of ₹ 75,35,208/- from the Income of assessment year 2004-05. The assessee treated the interest income as business income. The Assessi .....

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vide order dated 26.9.2006, Annexure A.1. The assessee went in appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 6.3.2008, Annexure A.2, the CIT(A) allowed the appeal on the issue of interest income by treating the sa .....

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