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Interest income on FDR for business purposes is ‘Business Income’
Case Law Details
- Case Name
- R.G. Colonizers Pvt. Ltd. Vs DCIT (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Jaipur
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R.G. Colonizers Pvt. Ltd. Vs DCIT (ITAT Jaipur)
Conclusion: Interest income on FDR which was earned out of the funds placed with the bank by utilizing the bank overdraft limit was to be considered as business income and not as income from other sources.
Held: Assessee had shown interest income of Rs.12,58,998/- on the FDR and miscellaneous receipts of Rs.2,89,200/-. AO assessed the same as income from other sources. CIT(A) confirmed the action of AO. It was held that the interest income earned on FDR was part of business income as FDRs’ were made for the purpose of business for giving bank...
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