Residual food-preparation classification places fermented Nata De Coco outside fruit-jelly categories, changing its GST treatment across notified peri...
Settlement application eligibility requires a pending assessment when filed, preventing an extra prior-eligibility condition from blocking considerati...
Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
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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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