Income Tax Addition On Interest Income Received Out Of FDs is Invalid In Absence Of Corroborative Evidence: ITAT [Read Order]
The court upheld the decision of CIT(A) and held that the assessee has established that the said funds were incidental to the assessee's business activity and, therefore, the same cannot be said to be 'income from other sources'
In a significant case, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has Income tax addition on interest income received out of Fixed Deposits ( FDs) is invalid in absence of corroborative evidence. The Tribunal further deleted the addition of the interest income received out of the fixed deposits. Evita Construction Pvt. Limited, the…
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