https://www.taxtmi.com/caselaws?id=765049 ITAT Ahmedabad held that interest income from employee loans and advances constitutes business income rather than income from other sources for power generation companies. The tribunal found such income incidental to business operations, rejecting the AO's classification under other sources as erroneous. CIT(A)'s deletion of additions was upheld, relying on binding precedents from Odisha HC and Gujarat HC establishing that employee loan interest is directly related to power company business operations. Appeal decided against revenue. en-us Mon, 20 Jan 2025 00:00:00 +0530 Thu, 23 Jan 2025 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765049 ITAT Ahmedabad held that interest income from employee loans and advances constitutes business income rather than income from other sources for power generation companies. The tribunal found such income incidental to business operations, rejecting the AO's classification under other sources as erroneous. CIT(A)'s deletion of additions was upheld, relying on binding precedents from Odisha HC and Gujarat HC establishing that employee loan interest is directly related to power company business operations. Appeal decided against revenue. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765049