ITAT Ahmedabad upholds Classification of Interest Income from Employee Loans as Business Income [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a noteworthy decision, affirming the classification of interest income from employee loans as “business income.” In a ruling challenging conventional views, the tribunal dismissed the Revenue’s appeal, highlighting the strong connection between employee welfare measures and business operations. The assessee, M/s. Gujarat State…