No Income arises due to Transfers of amount from Current to Deposit Account

ITO Vs Aaditra Foundations (ITAT Chennai)

The case of ITO vs. Aaditra Foundations, as adjudicated by the Income Tax Appellate Tribunal (ITAT) in Chennai, revolves around the taxation of funds transferred from a current account to a deposit account and the subsequent interest earned on those deposits. Here’s a detailed summary:

The appeal by the Revenue for the Assessment Year (AY) 2018-19 stemmed from an order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] in Delhi, dated 28-07-2023. The Revenue contested several grounds, including the non-response to noti

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