Interest Income on funds Temporarily Parked as loan / Deposit is Business Income

M/s. Merlin Projects Ltd. Vs. DCIT (ITAT Kolkata) The sole ground of appeal is against the action of the Ld. CIT(A) in confirming the AO’s action in assessing the income from interest amounting to Rs. 11,84,781/- as income from other sources and not treating the same as business income. At the outset itself, it was brought to our notice by the Ld. Counsel that assessee is engaged in the business of construction and development of residential and commercial building and had received advances from property booking from its customers in the ordinary course of construction and the same were used...