Family Business of Money Lending for 20 Years: ITAT upholds Addition of Excess Income as ‘Business Income’ [Read Order]

The tribunal directed the Assessing Officer to re-compute the income and demand payable
By Ashkar Tovarishch - On July 13, 2024 1:49 pm - 2 mins read
ITAT - Money Lending - Income Tax Appellate Tribunal - ITAT Chennai - Family Business - Business Income - taxscan

The Chennai Bench of the Income Tax Appellate Tribunal (I TAT ) upheld the addition of excess income as ‘business income’ for a family engaged in the money lending business for 20 years. The appeals by Rameshlal Kailash and Fatichand Rameshlal for Assessment Year 2017-18 arose from a common order by the Commissioner of Income…

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