Interest Income from money lending business assessable as Business Income

Page ContentsKamlakant Chhotalal Exporters Private Limited Vs ACIT (ITAT Mumbai)Background and IssuesTribunal’s Decision and AnalysisConclusion Kamlakant Chhotalal Exporters Private Limited Vs ACIT (ITAT Mumbai) In the case of Kamlakant Chhotalal Exporters Private Limited vs. ACIT (ITAT Mumbai), the primary issue revolved around the assessment of interest income earned by the assessee from money lending activities. The Income Tax Appellate Tribunal (ITAT) Mumbai adjudicated on several grounds raised by the assessee concerning the treatment of income and expenditure for the assessment yea...