Interest on Staff Loans Treated as Business Income, Not Other Sources: Gujarat HC

Uttar Gujarat VIJ Co. Ltd. Vs ITO (Gujarat High Court) Gujarat High Court recently delivered a decisive judgment in a series of petitions filed by Uttar Gujarat VIJ Company Ltd. (UGVCL) against the Income Tax Officer (ITO). The petitions challenged an order dated May 17, 2023, passed by the Income Tax Appellate Tribunal (ITAT) under Section 254(2) of the Income Tax Act, 1961, which had dismissed UGVCL’s Miscellaneous Application (MA) for rectification of a purported mistake apparent from the record. The High Court quashed the ITAT’s order, remanding the matter back to the Tribunal ...