Interest Income on Inter-Corporate Deposit taxable as Business Income: ITAT

Sunny Rock Estates & Developers Pvt. Ltd Vs DCIT (ITAT Kolkata) Income earned during the year by the assessee is on inter-corporate deposit with Williamson Services Ltd. as interest income. We also note that assessee has consistently reported its earning of interest income from ICDs, as business income which has been accepted by the Department as demonstrated by the Ld. Counsel from the records for AY 2012-13 and AY 2014-15. These facts have not been controverted by the Ld. Sr. DR by bringing any positive material on record. Considering the facts, submissions made by the Ld. Counsel and th...