Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
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The Income Tax Appellate Tribunal held that the interest income receipts of the assessee should be treated as "business income" and not "income from other sources". The Tribunal found no infirmity in the assessee's explanation of incurring losses in the business during the year, nor any finding by the Department on the assessee's contention of making efforts to obtain an NBFC license from RBI. The mere absence of an NBFC license does not affect the character of income earned, as the license only makes the activity legal. The fact that the assessee consistently returned identical income as business income strengthened their case. Consequently, the assessee's appeal was allowed, treating the interest income as business income with all claimed expenses allowed against the same.
The Income Tax Appellate Tribunal held that the interest income receipts of the assessee should be treated as "business income" and not "income from other sources". The Tribunal found no infirmity in the assessee's explanation of incurring losses in the business during the year, nor any finding by the Department on the assessee's contention of making efforts to obtain an NBFC license from RBI. The mere absence of an NBFC license does not affect the character of income earned, as the license only makes the activity legal. The fact that the assessee consistently returned identical income as business income strengthened their case. Consequently, the assessee's appeal was allowed, treating the interest income as business income with all claimed expenses allowed against the same.
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