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

2015 (10) TMI 1741 - PUNJAB AND HARYANA HIGH COURT - TMI - 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 issue of interest income by treating the same as business income. The CIT(A) also allowed the issue of set off of brought forward business losses with profit from money lending business of the .....

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, Advocate for the respondent JUDGEMENT Ajay Kumar Mittal,J. 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 under Section 260A of the Income Tax Act, 1961 (in short, the Act ) against the order dated 31.7.2008, Annexure A.3 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Cha .....

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r 2001-02 against interest Income of ₹ 75,35,208/-? 3. 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 income from profit from sale and purchase of shares and interest. In the audit report in para B Column 8(a), the nature of the business has been mentioned as trading of shares, debentures and mu .....

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