Interest on FD received during setting-up of Business is not Business Income but Income from Other Sources: ITAT [Read Order]

By Devanand T R - On June 3, 2023 2:00 pm - 2 mins read

Interest on FD received during setting-up of business - not Business Income but Income from Other Sources - ITAT -

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the interest on Fixed Deposit (FD) received during the setting-up of business is not a Business Income but shall be treated as Income from Other Sources. The assessee M/s. Kadavanthara Builders Private Limited filed a nil return wherein the case was selected for scrutiny…

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Topics

Assessing Officer Bangalore Bench CIT(A)Commissioner of Income Tax (Appeals)Income Tax Appellate Tribunal ITAT