https://www.taxtmi.com/caselaws?id=782926 ITAT Ahmedabad held that interest on loans to employees is "income from business and profession," upholding CIT(A) and dismissing Revenue's ground. Assessee's claim for set-off of unabsorbed business losses, unabsorbed depreciation and MAT credit was accepted in principle, subject to verification by AO, leaving no surviving grievance. Disallowance under s.14A and addition of 15% of capital grants as income were remanded to AO for fresh adjudication in line with ITAT directions in earlier years. Penalty under s.271(1)(c) was quashed as the underlying quantum additions stood restored and were not final, and CIT(A)'s dismissal as infructuous was set aside. Overall, the assessee's appeal for AY 2016-17 was allowed. en-us Tue, 12 Aug 2025 00:00:00 +0530 Sat, 29 Nov 2025 12:19:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782926 ITAT Ahmedabad held that interest on loans to employees is "income from business and profession," upholding CIT(A) and dismissing Revenue's ground. Assessee's claim for set-off of unabsorbed business losses, unabsorbed depreciation and MAT credit was accepted in principle, subject to verification by AO, leaving no surviving grievance. Disallowance under s.14A and addition of 15% of capital grants as income were remanded to AO for fresh adjudication in line with ITAT directions in earlier years. Penalty under s.271(1)(c) was quashed as the underlying quantum additions stood restored and were not final, and CIT(A)'s dismissal as infructuous was set aside. Overall, the assessee's appeal for AY 2016-17 was allowed. Case-Laws Income Tax Tue, 12 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782926