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2016 (10) TMI 978 - BOMBAY HIGH COURT

2016 (10) TMI 978 - BOMBAY HIGH COURT - TMI - Interest earned on money lending operation - “Profits and Gains from Business & Profession” OR “Income from Other Sources” - Held that:- We find that the two authorities have concurrently come to a finding of fact that the activity of money lending carried out by the respondent assessee is its business activity. This on account of its activity of money lending being in accordance with the object clause of the company, duly supported by the Resolution .....

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60A of the Income Tax Act, 1961 (the Act) challenges the order dated 2nd August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200809. 2. The Revenue has urged the only following question of law for our consideration : Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in treating interest earned on money lending operation of ₹ 1,25,22,877/under the head Profits and Gains fr .....

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claimed as profits and gains of the business. However, the Assessing Officer did not accept the same and held it to be chargeable under the head income from other sources in the assessment order dated 20th December, 2010. 4. Being aggrieved, the respondent assessee filed an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. On examination of the facts before it, particularly the object clause of the respondent assessee to carry out money lending business, the Resolutions passed by its .....

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