https://www.taxtmi.com/caselaws?id=266465 The Court classified interest income as business income rather than income from other sources for the assessment year 2004-05. The decision was based on the assessee's longstanding money lending business activities, which justified treating the interest income as business income despite the absence of a money lending license. Consequently, the Court allowed the set off of brought forward losses against the income from money lending, leading to the dismissal of the revenue's appeal. The judgment highlighted the importance of consistent engagement in a business activity for determining the nature of income and eligibility for set off against losses. en-us Wed, 12 Aug 2015 00:00:00 +0530 Tue, 20 Oct 2015 13:19:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266465 The Court classified interest income as business income rather than income from other sources for the assessment year 2004-05. The decision was based on the assessee's longstanding money lending business activities, which justified treating the interest income as business income despite the absence of a money lending license. Consequently, the Court allowed the set off of brought forward losses against the income from money lending, leading to the dismissal of the revenue's appeal. The judgment highlighted the importance of consistent engagement in a business activity for determining the nature of income and eligibility for set off against losses. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266465