Adding same income twice - interest income - if interest income ...

Interest Income Error: Business Loss Increased but Not Allowable; Assessed Under "Income from Other Sources.

February 16, 2021

Case Laws Income Tax AT

Adding same income twice - interest income - if interest income is excluded from profit & loss account, the business loss would increase further. However, the same would still be not be allowable since the assessee has not substantiated any expenditure. The interest income has rightly been assessed under the head Income from other sources keeping in view the assessee’s nature of business. - AT

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Adding same income twice - interest income - if interest income ...

Interest Income Error: Business Loss Increased but Not Allowable; Assessed Under "Income from Other Sources.

February 16, 2021

Case Laws Income Tax AT

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