ITO 2(1)(4), MUMBAI vs. CANARA BANK SECURITIES LTD, MUMBAI

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ITA 821/MUM/2016Status: DisposedITAT Mumbai07 December 2017AY 2008-0917 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer had applied their mind while treating interest income as business income. The Commissioner's revisional order was found unsustainable as it lacked a definitive finding.

What were the facts?

The Revenue appealed against an order directing the Assessing Officer to treat interest income under 'business income' and set off earlier losses. The assessee contended that a previous Tribunal order on an identical issue allowed their appeal.

What were the issues?

Whether interest income from fixed deposits should be treated as business income or income from other sources, and if the Assessing Officer's order was erroneous and prejudicial to revenue.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 56

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(23)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCHES, ‘C’ MUMBAI

Before: Shri Joginder Singh, & Shri Manoj Kumar Aggarwal

For Respondent: Shri H.N.Singh CIT-DR, Shri Milin Dattani
Hearing: 07/12/2017

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant (Respective assessee) 2. ��यथ� / The Respondent. 3. आयकर आयु�त(अपील) / The CIT, Mumbai. 4. आयकर आयु�त / CIT(A)- , Mumbai, 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 6. गाड� फाईल / Guard file.

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