Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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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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