Interest from Employee Loans Taxable as Business Income: Gujarat HC

Advertisement PCIT Vs Madhya Gujarat Vij Company Limited (Gujarat High Court) The Gujarat High Court examined tax appeals filed by the revenue under Section 260A of the Income Tax Act, 1961, challenging a common judgment and order dated 18.08.2023 passed by the Income Tax Appellate Tribunal for the Assessment Year 2011–12. Since both appeals involved the same issue, the facts of Tax Appeal No. 380 of 2024 were treated as the lead matter. The principal question of law proposed by the revenue was whether the Tribunal was justified in setting aside an addition of ₹93,90,000 made by the Ass...