2025 (6) TMI 1910

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....st income" and "miscellaneous income". Against the original order dated 29.02.2024, the assessee had filed Miscellaneous Application seeking partial recall of the order on the ground that in the earlier assessment year (A.Y. 2015-16), ITAT Ahmedabad in assessee's own case had held that "interest income" and "miscellaneous income" earned by the assessee is liable to be taxed under the head "income from business and profession" and "income from other sources". However, the Tribunal vide order dated 29.02.204 had incorrectly allowed the appeal of the Department on this issue and had held that such income constitutes "income from other sources". Accordingly, in M.A. No. 114/Ahd/2024, the ITAT Ahmedabad recalled the earlier / original order pass....

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.... immediately preceding year, in ITA No. 569/Ahd/2019 held that interest income and miscellaneous income earned by the assessee is liable to be taxed under the head "income from business and profession" instead of "income from other sources". Copy of the order was placed before us for our records. 3. It would be useful to reproduce the relevant extracts of the order passed by ITAT in assessee's own case for A.Y. 2015-16 wherein the ITAT held that such income is liable to be taxed as "income from business and profession". The relevant extract of the order passed by ITAT are reproduced below for ready reference: "19. We have perused the order passed by the Co-ordinate Bench in ITA Nos.281 & 282/Ahd/2018 & 323 & 324/Ahd/2018 in assessee's ow....

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....the issue in favour of the assessees taking that this issue was decided in favour of the assessee for assessment year 2009-10. During the course of appellate proceedings, the Revenue has failed to controvert the aforesaid contention and the findings of the ld. ClT(A),therefore after considering the material fact that interest earned on loan and advances from deposit placed with Mega Power Project toward sits sharing of power and interest of UL pool account received from M/s. Power Grid Corporation India Ltd were directly related to the business of the assessee,therefore, this ground of appeal of the Revenue stands dismissed." 15 In view of above findings of acts arrived at by the Tribunal that interest earned by the assessee was directly....