https://www.taxtmi.com/caselaws?id=413458 The appellate tribunal allowed both appeals of the assessee, dismissing the revenue's appeal. The tribunal determined that business receipts were correctly treated as business income, not income from other sources, supported by valid agreements and documentary evidence. Interest income was deemed business income due to its connection with the assessee's main business activities, allowing corresponding interest expenses as business expenditure. The tribunal directed the Assessing Officer to verify and allow disallowed business expenses essential for earning income. The decision highlighted the importance of proper documentation and valid agreements in assessing income and expenses. en-us Fri, 08 Oct 2021 00:00:00 +0530 Tue, 12 Oct 2021 09:29:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413458 The appellate tribunal allowed both appeals of the assessee, dismissing the revenue's appeal. The tribunal determined that business receipts were correctly treated as business income, not income from other sources, supported by valid agreements and documentary evidence. Interest income was deemed business income due to its connection with the assessee's main business activities, allowing corresponding interest expenses as business expenditure. The tribunal directed the Assessing Officer to verify and allow disallowed business expenses essential for earning income. The decision highlighted the importance of proper documentation and valid agreements in assessing income and expenses. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413458