Interest income from money lending activities is business income despite non-registration of assessee as NBFC

Soham Securities Ltd. Vs ITO (ITAT Ahmedabad) Conclusion: Interest income earned by assessee engaged in money lending in a systematic manner had to be taxed as business income in spite of the fact that assessee was not having registration with RBI as NBFC. Held: Assessee in the instant case had shown interest income under the head income from other sources on the advice of the consultant. As such, it was advised to assessee that it could not carry out money lending business in a systematic manner without having approval from the RBI as NBFC. Therefore, assessee classified interest income as in...