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TMI Blog2018 (2) TMI 296X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1961(hereinafter 'the Act'). 2. The only issue in this appeal of Revenue is against the order of CIT(A) in treating the interest earned on money lending under the head profits and gains from business or profession instead of assessed by the AO as income from other sources. For this Revenue has raised following ground No. 1: - "1. Whether on the facts and in the circumstances of the case in law, the Ld. ClT(A) was justified in treating the interest earned on money lending operation of Ps. 81,24,000/- under the head "Profits and Gains from Business and Profession" instead of "income from other sources" treated by the A.O. without appreciating the fact that the assessee is not an NBFC and hence giving loans and advances to other parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d gains of business or profession". I find that this has been covered in favour of the appellant by Hon'ble ITAT for assessment years 2008-09, 2009-10 and 2010-11 which was followed by my predecessor in appeals for assessment years 2010-11 and 2011-12. 5.3.2 Respectfully following the decision of Hon'ble ITAT, the assessing officer is directed to treat the above-mentioned interest under the head" profits and gains of business or profession". This ground of appeal is allowed. Aggrieved, now Revenue is in second appeal. 6. At the outset, the learned Counsel for the assessee filed copy of Tribunal orders in assessee's own case in ITA Nso. 4005, 5967/M/2012 for AY 2008-09 & 09-10, 2326/Mum/2014 for AY 2010-11 & 1257/Mum/2015 for AY 2011-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ptember 3 rd , 2007 that consent of the Board of directors was obtained to borrow monies from time to time up to an amount not exceeding Rs. 200 Crs, for the purpose of the business of the company subject to interest rate not exceeding 12% per annum. A resolution was also passed by the Board of Directors to make loans from time to time provided that the maximum amount of loan for each individual purpose did not exceed Rs. 100 Crs. The analysis of the bank account for the period October, 2007 to March, 2008 also indicates that monies were borrowed and advanced in a systematic and organized manner. The frequency of 3 money lending transactions under taken and the amounts borrowed and lent during the previous year also indicate that the activi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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