https://www.taxtmi.com/caselaws?id=765106 The Tribunal upheld the CIT(A)'s decision that the appellant had commenced business activities for the assessment year 2008-09, allowing business expenses. It also agreed with the classification of interest income from a fixed deposit as 'income from other sources', despite the appellant's argument for it being business income. Importantly, the Tribunal overturned the penalty imposed under Section 271(1) of the Income Tax Act, 1961, finding no evidence of income concealment or inaccurate particulars by the appellant, thus allowing the appeal and deleting the penalty. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 25 Jan 2025 08:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765106 The Tribunal upheld the CIT(A)'s decision that the appellant had commenced business activities for the assessment year 2008-09, allowing business expenses. It also agreed with the classification of interest income from a fixed deposit as 'income from other sources', despite the appellant's argument for it being business income. Importantly, the Tribunal overturned the penalty imposed under Section 271(1) of the Income Tax Act, 1961, finding no evidence of income concealment or inaccurate particulars by the appellant, thus allowing the appeal and deleting the penalty. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765106