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ITAT allowed the assessee's appeal, finding the Assessing Officer's addition of Rs. 9 lakhs unwarranted. The tribunal determined that the amount received by the assessee as a loan against fixed deposit cannot be considered business income. Since the assessee had already declared income under the Income Tax Declaration Scheme for AY 2013-14 and opted for taxation under Section 44AD, the addition was unjustified. The tribunal set aside the lower appellate authority's order and directed deletion of the disputed addition.
ITAT allowed the assessee's appeal, finding the Assessing Officer's addition of Rs. 9 lakhs unwarranted. The tribunal determined that the amount received by the assessee as a loan against fixed deposit cannot be considered business income. Since the assessee had already declared income under the Income Tax Declaration Scheme for AY 2013-14 and opted for taxation under Section 44AD, the addition was unjustified. The tribunal set aside the lower appellate authority's order and directed deletion of the disputed addition.
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