ITAT Upheld Tax Treatment of Interest Income on Contractor Loans

The High Court dismissed two appeals challenging an ITAT order for AYs 2010-11 and 2011-12. The AO taxed interest earned on sums lent to the contractor under "other sources of income," not as "business income." The ITAT followed Supreme Court rulings, and the issue was covered by a previous Supreme Court decision. No question of law arose, so the appeals were dismissed.

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The High Court dismissed two appeals challenging an ITAT order for AYs 2010-11 and 2011-12. The AO taxed interest earned on sums lent to the contractor under "other sources of income," not as "business income." The ITAT followed Supreme Court rulings, and the issue was covered by a previous Supreme Court decision. No question of law arose, so the appeals were dismissed.

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