Income from Staff Loans and Misc. Income directly related to Business is Deemed ‘Business Income, not Income from other Sources: ITAT [Read Order]

The ITAT upheld excluding Rs. 6,97,664 interest on CWIP and ruled Section 14A disallowances cannot be added to book profit under Section 115JB of the act
By Sneha Sukumaran Mullakkal - On August 28, 2024 10:42 am - 2 mins read
ITAT - ITAT Ahmedabad - Income Tax - business income - business income classification - Income from staff loans - TAXSCAN

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]’s decision to classify Rs. 129.03 lacs, including income from staff loans and miscellaneous income, as business income rather than income from other sources, affirming that such income was directly related to the business Gujarat Urja Vikas…

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