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Interest earned on Escrow Account shall be treated as income from business not from other sources.
Case Law Details
- Case Name
- ITO Vs SAB Miller India Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Delhi
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Issue before Tribunal:
Whether interest income earned on amount in Escrow Account can be treated as Income from other sources instead of income from business.
Brief facts:
Assessee filed the return of income on 29.09.2008 declaring nil income which was processed u/s 143(1).
During the course of assessment proceedings, the AO noticed that the assessee earned interest income of Rs. 32,36,296/- which included interest on the amount deposited in Escrow Account amounting to Rs. 13,42,311/-.
The said amount was considered by the AO as “income from other sources” instead of “income from busine...
