Interest Income of NBFC Company from Bank Deposits is Business Income

Assessing Officer noticed that the assessee claimed set off of brought forward business loss against income of Rs. 24,94,407/- for the year under consideration. On perusal of profit and loss account , it was revealed that the assessee earned interest income amounting to Rs. 91,26,226/- from the deposits in the banks and thus, wrongly claimed set off of brought forward business loss against such interest income .

To a query by the AO, seeking to assess interest income from deposits in the banks und

Please become a Premium member. If you are already a Premium member, login here to access the full content.