Interest on deposit received by Co-Op Bank made in ordinary course of business is Business Income

Anand People Co-op Bank Ltd. Vs DCIT (ITAT Ahmedabad) The issue under consideration is that the Income of interest received on advances should be considered as income from other sources or not? The brief facts of the case is that assessee has filed return of income declaring total income at Rs. NIL on 13.10.2015. The case of the assessee was subject to scrutiny and notice under Sec. 143(2) of the Act was issued on 01.08.2016. The assessee was engaged in the banking business, however, no banking activities was carried out during the year under consideration as the assessee bank was in the liqui...