https://www.taxtmi.com/caselaws?id=762847 ITAT Ahmedabad held that interest income should be classified as business income rather than income from other sources. The assessee's explanation for business losses was accepted, and the absence of NBFC license did not affect the character of income earned. While lack of license may render the activity illegal, it does not change the fact that the assessee carried out the activity as business. Consistent treatment of identical income as business income across years supported the assessee's position. All expense claims were allowed against business income. Appeal allowed. en-us Thu, 05 Dec 2024 00:00:00 +0530 Mon, 09 Dec 2024 08:44:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762847 ITAT Ahmedabad held that interest income should be classified as business income rather than income from other sources. The assessee's explanation for business losses was accepted, and the absence of NBFC license did not affect the character of income earned. While lack of license may render the activity illegal, it does not change the fact that the assessee carried out the activity as business. Consistent treatment of identical income as business income across years supported the assessee's position. All expense claims were allowed against business income. Appeal allowed. Case-Laws Income Tax Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762847