TMI Blog2015 (10) TMI 1741X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 assessee considering that the income from interest under the 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 Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;, Chandigarh in ITA No.499/CHANDI/2008, for the assessment year 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 'income from other sources'? ii) Whether the Hon'ble ITAT was rig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35,208/- from the Income of assessment year 2004-05. The assessee treated the interest income as business income. The Assessing Officer treated the interest income as income from other sources and did not allow the benefit of set off of losses of the assessment year 2001-02. Accordingly, the Assessing Officer computed the total income of the assessee at ₹ 74,97,400/- vide order dated 26.9.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties that the Tribunal while adjudicating the issue in favour of the assessee had relied upon ITA No.269/Chandi/2008 against which ITA No.208 of 2009 (Commissioner of Income Tax I, Ludhiana vs. Late Smt.Reeta Gupta C/o M/s R.K.Cloth Mills, Ghass Mandi, Ludhiana) has been filed. In view of our order of even date passed in ITA No.208 of 2009 (supra), the questions are answered in the same terms. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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