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of <h1>ITAT Upheld Tax Treatment of Interest Income on Contractor Loans</h1> 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 ... Interest earned on sums lent to the contractor constituted a separate stream - “other sources of income” OR “business income” - Held that:- The issue is covered by the decision of the Supreme Court in Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT 1997 (1997 (7) TMI 4 - SUPREME COURT). Consequently, no question of law arises. The appeals are accordingly dismissed. 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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