Gujarat HC Rejects Revenue Appeal for Misclassifying Interest Income as Other Source

PCIT Vs Paschim Gujarat Vij Company Limited (Gujarat High Court) The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961, challenging the order dated 19 September 2023 of the Income Tax Appellate Tribunal (ITAT), Ahmedabad, for Assessment Year 2014–15. The appeal raised three questions concerning whether certain interest income and miscellaneous receipts should be assessed as “income from other sources” or as “business income.” The assessee, a company engaged in electricity distribution, filed its return declaring NIL income after set-off of past losses and unabso...