Interest on debit/ credit balances of supplier and contractors is taxable as business income: ITAT Ahmedabad

Uttar Gujarat Vij Company Ltd. Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that interest on loans and advance to small advances on debit/ credit balances of suppliers and contractors are incidental to business hence taxable as business income and not as income from other sources. Facts- Treatment of interest income on the debit/ credit balances of suppliers/customers is contested by the assessee. It is submitted that since the issue has been decided in favour of the assessee by ITAT in assessee’s own case for A.Y. 2014-2015. The matter may accordingly be decided in the light of and on the l...