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“income from other sources”

Income HeadsSection 56Section 568,248 judgments

The decision most relied on for income from other sources is Jute Corporation of India Ltd. v. CIT (187 ITR 688), cited in 1,372 judgments on BharatTax.

Leading authorities on income from other sources

Jute Corporation of India Ltd. v. CIT
187 ITR 688 · 1991 · Supreme Court
1,372
citing judgments

The Commissioner of Income Tax (Appeals) possesses co-terminus powers with the Assessing Officer and can direct the Assessing Officer to perform actions he failed to do, but cannot introduce a new source of income in the assessment. The appellate assessment must be confined to the items of income that were the subject matter of the original assessment.

Totgars Co-operative Sale Society Ltd. v. ITO
322 ITR 283 · 2010 · Supreme Court
1,283
citing judgments

The interest income earned by a cooperative society from investing its surplus funds in fixed deposits with banks is not "derived from" its eligible business activities and is taxable as "income from other sources" under Section 56, thus not qualifying for deduction under Section 80P.

K.P. Varghese v. ITO
131 ITR 597 · 1981 · Supreme Court
989
citing judgments

An addition to income cannot be made merely on the basis of a difference in valuation of assets or a Valuation Officer's report without establishing actual understatement of consideration or the source of unexplained funds through proper enquiry. The Assessing Officer must conduct proper enquiry and satisfy the conditions for making such additions.

GE India Technology Centre Pvt. Ltd. v. CIT
327 ITR 456 · 2010 · Supreme Court
663
citing judgments

Tax must be deducted at source from payments made to a non-resident under Section 195 only if such payment is chargeable to tax in India. The Assessing Officer bears the onus to establish that the payments made are indeed chargeable to tax under the Income Tax Act.

Commissioner of Income Tax v. Nova Promoters and Finlease (P) Ltd.
342 ITR 169 · 2012 · High Court
658
citing judgments

To make an addition under Section 68 for unexplained cash credits, the Assessing Officer must conduct proper inquiry into the identity, genuineness, and creditworthiness of the creditor, especially concerning share application money. The assessee's initial discharge of burden by providing necessary details shifts the onus back to the AO for further investigation, including the source of source.

Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT
227 ITR 172 · 1997 · Supreme Court
621
citing judgments

Interest income earned on deposits, particularly before the commencement of business operations or as a requirement for business licensing, is taxable as "income from other sources" under Section 56, and cannot be treated as business income or set off against interest on borrowed funds.

Kale Khan Mohammad Hanif v. CIT
50 ITR 1 · 1963 · Supreme Court
581
citing judgments

The assessee bears the onus of proving the source and nature of any sum of money or receipt found to have been received by them. If the assessee fails to satisfactorily explain the receipt, the Income-tax Officer is entitled to treat it as taxable income.

Liberty India v. CIT
317 ITR 218 · 2009 · Supreme Court
571
citing judgments

The Supreme Court clarified that for profits and gains to be eligible for deductions under sections like 10B, 80IA, or 80IB, the income must be "derived from" or have a direct nexus to the eligible business activity. Income from incidental sources like the sale of scrips/licenses or interest on employee loans is generally not considered as derived from the eligible business for such deductions.

Judgments citing income from other sources

ACIT Circle 22(1), Mumbai vs. Rajendra Narpatmal Lodha, Mumbai

Appeal is dismissed

ITA 6971/MUM/2024[2017-18]Status: DisposedITAT Mumbai11 Mar 2025AY 2017-18

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Amit Kamble & Shri S.R
Section 148Section 148ASection 56(2)Section 56(2)(vii)

case. Therefore before proceeding further we will look at the relevant the provisions of section 56(2)(vii)(b) as extracted below – 56. Income from other sources. (1) **** (2) In particular, and without prejudice to the generality of the provisions of sub- section (1), the following incomes, shall be chargeable ... income-tax under the head "Income from other sources", namely :— (i) to (vi) **** (vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April

Assistant Commissioner of Income Tax Circle- 3(4) Mumbai, Mumbai vs. The Shipping Corporation of India Limited, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1971/MUM/2024[2018-2019]Status: DisposedITAT Mumbai11 Mar 2025AY 2018-2019

Bench: Shri Amarjit Singhshri Sandeep Singh Karhail

For Appellant: Shri Nitesh Joshi a/w Ms. Samiksha SaveFor Respondent: Shri Himanshu Joshi - Sr. DR
Section 142(1)Section 143(2)Section 143(3)Section 144BSection 250Section 28Section 43C

accordance with the guidelines issued by the Department of Public Enterprises. In its return of income, the assessee offered the interest income as income from other sources. As is evident from the record, the assessee claimed administrative expenses against the income declared under the head “Income from Other Sources”, which ... assessment years 2005-06 and 2006- 07 and submitted that the interest income earned by the assessee shall be taxable under the head “income from other sources”. 9. From the perusal of the decision of the Co-ordinate Bench of the Tribunal in assessee’s own case in The Shipping

The Shipping Corporation of India, Mumbai vs. Dy Comm of Income Tax-3(4), Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1751/MUM/2024[2018-19]Status: DisposedITAT Mumbai11 Mar 2025AY 2018-19

Bench: Shri Amarjit Singhshri Sandeep Singh Karhail

For Appellant: Shri Nitesh Joshi a/w Ms. Samiksha SaveFor Respondent: Shri Himanshu Joshi - Sr. DR
Section 142(1)Section 143(2)Section 143(3)Section 144BSection 250Section 28Section 43C

accordance with the guidelines issued by the Department of Public Enterprises. In its return of income, the assessee offered the interest income as income from other sources. As is evident from the record, the assessee claimed administrative expenses against the income declared under the head “Income from Other Sources”, which ... assessment years 2005-06 and 2006- 07 and submitted that the interest income earned by the assessee shall be taxable under the head “income from other sources". 9. From the perusal of the decision of the Co-ordinate Bench of the Tribunal in assessee's own case in The Shipping

DCIT 3(2)(2), Mumbai vs. The New India Assurance Co. Ltd., Mumbai

The appeal of the assessee is partly allowed and the appeal of the

ITA 3150/MUM/2018[2014-15]Status: DisposedITAT Mumbai11 Mar 2025AY 2014-15

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

Section 10(38)Section 115JSection 143(3)Section 14ASection 37

companies for computation of total income and that entire income earned by insurance companies, including income taxable under House property, capital gains and income from other sources are taxed as business income. The AO further held that the exemption under section 10(38) of the Act is available only

The New India Assurance Co. Ltd., Mumbai vs. ACIT - 3(2)(2), Mumbai

The appeal of the assessee is partly allowed and the appeal of the

ITA 2594/MUM/2018[2014-15]Status: DisposedITAT Mumbai11 Mar 2025AY 2014-15

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Farooq Irani, ARFor Respondent: Shri Vivek Perampurna, CIT-DR
Section 10(38)Section 115JSection 143(3)Section 14ASection 37

companies for computation of total income and that entire income earned by insurance companies, including income taxable under House property, capital gains and income from other sources are taxed as business income. The AO further held that the exemption under section 10(38) of the Act is available only

Rahul Khindri, Amritsar vs. Income Tax Officer Ward-1 (1), Amritsar

In the result, Assessee’s appeal is allowed

ITA 37/ASR/2024[2021-22]Status: DisposedITAT Amritsar10 Mar 2025AY 2021-22

Bench: Shri Udayan Das Gupta & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 37/Asr/2024 निर्धारण वर्ा / Assessment Year : 2021-22 Rahul Khindri, बनाम A.O., Cpc, 2157, Bazar Sirki Banda, Banglore Katra Dullo, Amritsar Indra Nagar, 143001 स्थधयी लेखध सं./Pan No: Apfpk9150F अपीलधथी/Appellant प्रत्यथी/Respondent ( Hybrid Hearing ) निर्धाररती की ओर से/Assessee By : Shri Rohit Kapoor, Ca रधजस्व की ओर से/ Revenue By : Mrs. Neelam Sharma, Sr.Dr सुिवधई की तधरीख/Date Of Hearing : 23.12.2024 उदघोर्णध की तधरीख/Date Of Pronouncement : 10.03.2025 आदेश/Order Per Krinwant Sahay, Am: Appeal In This Case Has Been Filed By The Assessee Against The Order Dated 31.07.2023 Passed By Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi. 2. Grounds Of Appeal Are As Under:- 1. That The Ld. C1T(A) Vide Order U/S 250(6) Dated 31.07.2023 Has Erred In Confirming The Action Of The Ao In Not Providing The Benefit Of Lower Tax As Per Section 115Bac Due To The Fact That Form 10 Ie Was Not Filed Before The Due Date Of Filing Of Return U/S 139(1) I.E. 31.12.2021. 37-Asr-2024 Rahul Khindri, Amritsar 2

For Appellant: Shri Rohit Kapoor, CAFor Respondent: Mrs. Neelam Sharma, Sr.DR
Section 115BSection 139(1)Section 143(1)Section 250(6)

Rahul Khindri was an individual during the year under consideration, the Assessee had earned salary income amounting to Rs. 4,78,250/- and income from other sources amounting to Rs. 9,83,834/- which is duly disclosed in the return of income filed on 31.12.2021. The said return was processed ... individual having PAN APFPK9150F. During the year under consideration, the appellant had earned salary income amounting to Rs. 4,78,250/- and income from other sources amounting to Rs. 9,83,834/- which is duly disclosed in the return of income filed on 31.12.2021. The said return was processed

ACIT, Central Circle, Alwar vs. Sh. Tara Chand Gupta, Alwar

In the result the appeal filed by the revenue in ITA no

ITA 514/JPR/2024[2017-18]Status: DisposedITAT Jaipur10 Mar 2025AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं./ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम ACIT, Vs. Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Kesh

For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Arvind Kumar, CIT-DR a
Section 143(3)Section 68Section 69C

filed by the Assessee. The Assessee primarily derives its income from Business, House Property Income and Income from Other Sources. The proceedings of assessment of income were initiated by issuing of notices ... that recorded in the books but in the Sh. Tarachand Gupta absence of explanation by assessee the AO found that excess stock is income from undisclosed sources. However, in the present case assessee has furnished the explanation. Otherwise also, on excess stock declared to the bank, the decision of jurisdictional

Sh. Tarachand Gupta, Alwar vs. ACIT, Central Circle, Alwar

In the result the appeal filed by the revenue in ITA no

ITA 449/JPR/2024[2017-18]Status: DisposedITAT Jaipur10 Mar 2025AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं. / ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम Vs. ACIT, Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Ke

For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Arvind Kumar, CIT-DR a
Section 143(3)Section 68Section 69C

filed by the Assessee. The Assessee primarily derives its income from Business, House Property Income and Income from Other Sources. The proceedings of assessment of income were initiated by issuing of notices ... that recorded in the books but in the Sh. Tarachand Gupta absence of explanation by assessee the AO found that excess stock is income from undisclosed sources. However, in the present case assessee has furnished the explanation. Otherwise also, on excess stock declared to the bank, the decision of jurisdictional

Sh. Tarachand Gupta, Alwar vs. ACIT, Central Circle, Alwar

In the result the appeal filed by the revenue in ITA no

ITA 448/JPR/2024[2016-17]Status: DisposedITAT Jaipur10 Mar 2025AY 2016-17
For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Arvind Kumar, CIT-DR
Section 143(3)Section 68Section 69C

filed by the Assessee. The Assessee primarily derives its income from Business, House Property Income and Income from Other Sources. The proceedings of assessment of income were initiated by issuing of notices ... 153A of the Act was issued and served upon the Assessee. The Assessee primarily derives its income from Business, House Property Income and Income from Other Sources. In the search proceeding Id. AO vide notice u/s 142(1) dated 03/09/2019 asked to explain the source of the cash loans along

Sh. Tarachand Gupta, Alwar vs. ACIT, Central Circle, Alwar

In the result the appeal filed by the revenue in ITA no

ITA 447/JPR/2024[2015-16]Status: DisposedITAT Jaipur10 Mar 2025AY 2015-16
For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Arvind Kumar, CIT-DR
Section 143(3)Section 68Section 69C

filed by the Assessee. The Assessee primarily derives its income from Business, House Property Income and Income from Other Sources. The proceedings of assessment of income were initiated by issuing of notices ... that recorded in the books but in the absence of explanation by assessee the AO found that excess stock is income from undisclosed sources. However, in the present case assessee has furnished the explanation. Otherwise also, on excess stock declared to the bank, the decision of jurisdictional High Court

Sh. Trilok Chand Sain, Dausa vs. ITO, Ward-1(2), Alwar

ITA 1266/JPR/2024[2016-17]Status: DisposedITAT Jaipur10 Mar 2025AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. P. C Parwal, FCAFor Respondent: Mrs. Anita Rinesh, JCIT-DR
Section 147Section 148Section 148ASection 271(1)(c)

Sain vs. ITO the Act. The purchase value of Rs.42,50,250/- was added to the assessee's total income under the head "Income from Other sources”. 4. Aggrieved from the order of the Assessing Officer, the assessee preferred an appeal before the ld. CIT(A). Apropos to the grounds ... 115BBE of the Act. The purchase value of Rs. 42,50,250/- is added to the assessee's total income under the head "Income from Other sources 7.1.3 During the appellate proceedings the appellant has filed submission and stated that 1. While completing the assessment, the A.O. has not considered

Sh. Trilok Chand Sain, Dausa vs. ITO, Ward-1(2), Alwar

ITA 1265/JPR/2024[2016-17]Status: DisposedITAT Jaipur10 Mar 2025AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. P. C Parwal, FCAFor Respondent: Mrs. Anita Rinesh, JCIT-DR
Section 147Section 148Section 148ASection 271(1)(c)

Sain vs. ITO the Act. The purchase value of Rs.42,50,250/- was added to the assessee's total income under the head "Income from Other sources”. 4. Aggrieved from the order of the Assessing Officer, the assessee preferred an appeal before the ld. CIT(A). Apropos to the grounds ... 115BBE of the Act. The purchase value of Rs. 42,50,250/- is added to the assessee's total income under the head "Income from Other sources 7.1.3 During the appellate proceedings the appellant has filed submission and stated that 1. While completing the assessment, the A.O. has not considered

Deputy Commissioner of Income Tax Circle 7 Pune, Pune vs. Kolte Patil Integrated Townships Limited, Pune

In the result, both the appeals filed by the Revenue are dismissed

ITA 2011/PUN/2024[2016-17]Status: DisposedITAT Pune10 Mar 2025AY 2016-17

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Nikhil S PathakFor Respondent: Shri Amol Khairnar CIT-DR
Section 143(3)Section 147Section 148Section 148ASection 151

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA

Rajesh Singhi, Kolkata vs. D.C.I.T., CC - 4(1), Kolkata

In the result, the appeal of assessee is allowed for statistical purposes

ITA 2356/KOL/2024[2014-2015]Status: DisposedITAT Kolkata10 Mar 2025AY 2014-2015

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

Section 132Section 142(1)Section 143(2)Section 144Section 250

added three additions; i) income from salary at Rs. 16,010/-, ii) income from capital gains at Rs. 2,93,641/- and iii) income from other sources at Rs. 11,15,901/- LT.A. No.2356/Kol/2024 Assessment Year: 2014-15 Rajesh Singhi 4. Aggrieved by the said order, the assessee preferred

Govind Patel, Navi Mumbai vs. ITO Ward 28(1)(1), Navi Mumbai

In the result, appeal of the assessee is allowed for statistical purposes

ITA 277/MUM/2025[2017 - 18]Status: DisposedITAT Mumbai10 Mar 2025

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

For Appellant: Shri Roshan Ochani, A/RFor Respondent: Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R
Section 148Section 151Section 270ASection 56(2)(vii)Section 69Section 69A

SECTION 56(2)(vii) THAT, AO is erred in law and on facts allegedly making addition on account of gift amount treated as income from other sources under section 56(2)(vii) of the I.T. Act amounting Rs.48,33,000/-. 9. SECTION 270A - 271AAC(1) THAT, AO is erred

Ekta Sahakari Patpedhi Maryadit, Virar vs. Income Tax Officer, Assessment Unit, New Delhi

In the result, both the above appeals are allowed

ITA 106/MUM/2025[2020-21]Status: DisposedITAT Mumbai10 Mar 2025AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Bhupendra Shah, ARFor Respondent: Shri Manish Ajudiya (Sr. DR)
Section 143Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

learned A.O. erred in denying deduction u/s 80P(2)(d) amounting to RS 42,56,170/- a. by way of income from other sources in respect of interest earned on fixed deposit with Co-operative bank and b. also overlooking the fact that debatable addition cannot be sustained ... learned A.O. erred in denying deduction u/s 80P(2)(d) amounting to Rs.35,75,275/- a. by way of income from other sources in respect of interest earned on fixed deposit with Co-operative bank and b. also overlooking the fact that debatable addition cannot be sustained

Ekta Sahakari Patpedhi Maryadit, Virar vs. Income Tax Officer, Assessment Unit, New Delhi

In the result, both the above appeals are allowed

ITA 105/MUM/2025[2018-19]Status: DisposedITAT Mumbai10 Mar 2025AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Bhupendra Shah, ARFor Respondent: Shri Manish Ajudiya (Sr. DR)
Section 143Section 143(3)Section 234ASection 270ASection 80P(2)(a)Section 80P(2)(d)

learned A.O. erred in denying deduction u/s Section 80P(2)(d) amounting to RS 42,56,170/- a. by way of income from other sources in respect of interest earned on fixed deposit with Co-operative bank and b. also overlooking the fact that debatable addition cannot be sustained ... learned A.O. erred in denying deduction u/s 80P(2)(d) amounting to Rs.35,75,275/- a. by way of income from other sources in respect of interest earned on fixed deposit with Co-operative bank and b. also overlooking the fact that debatable addition cannot be sustained

ACIT CC -6(1), Mumbai, Bkc vs. Nilesh Ramesh Toshniwal, Pune

The appeal is dismissed

ITA 5656/MUM/2024[2020-21]Status: DisposedITAT Mumbai10 Mar 2025AY 2020-21

Bench: Justice (Retd.) C.V. Bhadang & Shri B.R. Baskaran: A.Y. : 2020-21

For Appellant: Shri Rashmikant Modi &For Respondent: Shri Alok Kumar
Section 115BSection 132Section 142(1)Section 143(2)Section 148Section 65BSection 69C

notice under Section 142(1) of the Act. The assessee is an individual deriving income from salary, income from business/profession, capital gains and income from other sources. During the course of assessment proceedings, a show cause notice was issued to the respondent on 02.06.2023 to which the assessee filed explanation

Paneshwar Dudh Utpadak Sahakari Mandli Ltd, Surat vs. Income Tax Officer, Ward - 1, Bardoli

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 341/SRT/2024[2015-16]Status: DisposedITAT Surat07 Mar 2025AY 2015-16

Bench: Shri Siddhartha Nautiyal & Shri Bijayananda Pruseth

For Appellant: Ms. Ankita Shah, A.RFor Respondent: Shri Mukesh Jain, Sr. DR
Section 144Section 145Section 271(1)(c)Section 80

making an addition of Rs. 2,92,259/- as On account of Income from Interest and dividend under the Chapter head "Income from Other sources". 4. The Learned Assessing Officer has erred, in law and on facts, of rejecting Books of Accounts u/s. 145 of the Income

Income Tax Officer, Kakinada vs. Kandregula Peddi Raju, Narsapuram

In the result, the appeal of the Revenue is allowed for statistical purpose

ITA 41/VIZ/2025[2016-17]Status: DisposedITAT Visakhapatnam07 Mar 2025AY 2016-17

Bench: Shri K.Narasimha Chary & Shri Balakrishnan Sआ.अपी.सं / Ita No.41/Viz/2025 (निर्धारण वर्ा / Assessment Year: 2016-17) Income Tax Officer Vs. Kandregula Peddi Raju Kakinada Narasapuram [ Pan : Andpr9130L] अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती द्वधरध/Assessee By: None रधजस्‍व द्वधरध/Revenue By: Dr.Aparna Villuri, Dr

For Appellant: NoneFor Respondent: Dr.Aparna Villuri, DR
Section 144Section 147Section 251Section 269SSection 271DSection 69

unexplained cash deposits under section 69 of the Act and interest income amounting to Rs.14,573/- under the head ‘income from other sources’. 3. Penalty proceedings under section 271D of the Act were initiated for violation of provisions of 269SS and a penalty of Rs.60,25,000/- was levied, wherein