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Interest income directly relating to business is assessable as business income: ITAT Ahmedabad
Case Law Details
- Case Name
- Gujarat Urja Vikas Nigam Ltd Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Ahmedabad
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Gujarat Urja Vikas Nigam Ltd Vs ACIT (ITAT Ahmedabad)
ITAT Ahmedabad held that interest income and miscellaneous income earned by the assessee are directly related to the business of the assessee and assessable as “business income” only and not as “income from other sources”.
Facts-
The assessee is a Public Sector Undertaking engaged in purchase, sale and distribution of electricity. For the Assessment Year 2017-18, the assessee filed its Return of Income on 18-10-2017 declaring total income of Rs.90,92,02,810/- after setting off Brought Forward Losses of Rs.75,45,22,1...
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