Interest Income is Assessable as Business Income: ITAT directs AO to Assess Interest Income under Head Income from Business [Read Order]
The business of the assessee consisted of money lending activities also and the interest income has been earned by the assessee out of the money lending activities only. Hence the interest income under the head ‘income from business’
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing officer to assess the interest income under the head “Income from Business,” confirming that interest income is assessable as business income. The assessee company Kamlakant Chhotalal Exporters was stated to be engaged in the business of textiles trading, money lending…
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