Interest on Non-Recovery of Loans Falls within Purview of Business Activity only, Not Income from Other Sources: ITAT directs Re-adjudication [Read Order]
Wherein the loss on account of non-recovery of loan given to employees was treated as loss incidental to business activity, then the interest on such loan falls within the purview of business activity only and not “income from other sources”
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed re-adjudication, ruling that interest on non-recovery of loans falls within the purview of business activity only and not under income from other sources. The Assessing Officer ( AO ) treated interest income Rs.83, 43,000/- received on the loans and advances to staff…
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