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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

Chandhok Cold Storage Pvt. Ltd., Raipur vs. Income Tax Officer, Ward-3(1), Raipur

In the result, the appeal of the assessee is partly allowed for statistical purposes in terms of the aforesaid observations

ITA 200/RPR/2023[2013-14]Status: DisposedITAT Raipur18 Oct 2023AY 2013-14

Bench: Shri Ravish Soodआयकर अपील सं. / Ita No. 200/Rpr/2023 "नधा"रण वष" / Assessment Year : 2013-14 Chandhok Cold Storage Private Limited Ph No.100/28, Bilaspur Road, Ravigram S.O, Raipur-492 001 Pan : Aadcc8354P .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward-3(1), Raipur (C.G.) ……""यथ" / Respondent

For Appellant: Shri Hardik Jain, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(3)Section 224Section 56Section 56(2)(viib)

which by nature is a long-term deposit. However, the Ld. AO has added such income under the head Income from other sources by referring to the Hon. Supreme Court judgement of M/s Tuticorin Alkali Chemicals & Fertilizers vs. CIT [227 ITR 172]. The excerpt of the said judgement ... term investment of funds borrowed for setting-up of factory during construction of factory before commencement of business has to be assessed as income from other sources and it cannot be said that interest income is not taxable on ground that it would go to reduce interest on borrowed amount

DCIT, Circle-1(1)(2), Surat vs. J B Syntex Pvt. Ltd, Surat

In the result, appeal filed by the Revenue is dismissed

ITA 140/SRT/2020[2011-12]Status: DisposedITAT Surat18 Oct 2023AY 2011-12

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.140/Srt/2020 Assessment Year: (2011-12) (Physical Hearing) The Dcit, Vs. J. B. Syntex Pvt. Ltd., Circle – 1(1)(2), B-25, Guj. Eco. Textile Park, Surat N. H. No.8, Palsana, Surat – 394315. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcj9389D (Appellant) (Respondent) Shri Vinod Kumar, Sr. Dr Appellant By Shri Rasesh Shah, Ca Respondent By Date Of Hearing 17/08/2023 Date Of Pronouncement 18/10/2023

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 68

have also been made from interest payable wherever applicable. Interest paid is duly reflected in returns of these lenders under the head income from other sources. g) Copy of extract from the pass books of all the lenders tracing relevant entries. h) Balance Sheet of the lenders, wherein loans advanced

Sudeep Pandya L/H Lla Jayesh Pandeya, Chhindwara vs. Pr.Commissioner of Income Tax, Jabalpur

In the result, the appeal filed by the assessee is allowed

ITA 36/JAB/2022[2017-18]Status: DisposedITAT Jabalpur17 Oct 2023AY 2017-18

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadalesudeep Pandya L/H, Vs. Pr.Cit, Smt.Ila Jayesh Centralrevenuebuilding, Pandya, Napier Town, 14-15 Patni Jabalpur-482002, Complex, Madhya Pradesh. Parasiya Road, Chhindwara-480001 Madhya Pradesh. Pan/Gir No. : Ahkpp7408G Appellant .. Respondent Assessee By : Shri G.N Purohit.Sr.Adv & Smt.Uma Parashar. Adv.Ar Respondent By : Shri Saad Kidwai.Cit-Dr Date Of Hearing 21.09.2023 Date Of Pronouncement 12.10.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Principal Commissioner Of Income Tax (Pr.Cit) Jabalpur Passed U/Sec 263 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal: Sudeep Pandya L/H Ila Jayesh Pandya Jabalpur. 1 The Learned Pcit Has Erred In Law & On Facts Of The Case In Passing An Order Under Section 263 Against A Dead Person, The Notice Of Hearing Where Issued In The Name Of Deceased & Were Not Served On The Legal Here The Order Passed Under Section 263 Is Illegal Without Jurisdiction & Void Ab-Intio Same Should Be Placed Into Toto.

For Appellant: Shri G.N Purohit.Sr.Adv &For Respondent: Shri Saad Kidwai.CIT-DR
Section 10Section 133ASection 143(3)Section 263Section 68

Capital gains .In the instant case, PPF interest of Rs.94,218/- and dividend of Rs.50/- may be taxed as normal income being income from other sources. However, Share sold long term profit of Rs.22,85,781/- and LIC receipts of Rs.73,764/- may be taxed under the head Capital Gains

I.T.O vs. M/S Kumar Construcltion

In the result, the appeal of the Revenue is partly allowed

ITA 10/PAT/2015[2009-10]Status: DisposedITAT Patna17 Oct 2023AY 2009-10

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

Section 142(1)Section 143(2)Section 271(1)(b)Section 40A(3)

section, which reads as under:- “Method of accounting. '145. (1) Income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" shall, subject to the provisions of sub-section (2), be computed in accordance with either 11 Assessment Year: 2009-2010 M/s. Kumar Construction ... this section would indicate that sub-clause (1) contemplates that income chargeable under the head “profit and gains of business or profession’ or “income from other sources” shall be determined according to the method of accountancy followed by the assessee, but such method ought to be in accordance with

Anwar Hussain Khan, Bulandshahr vs. ACIT, Circle, Bulandshahr

In the result, appeal of assessee is dismissed

ITA 2955/DEL/2018[2014-15]Status: DisposedITAT Delhi17 Oct 2023AY 2014-15

Bench: Sh. G. S. Pannu & Shri Chandra Mohan Gargshri Anwar Hussain Khan Vs. Acit S/O. Shri Maqshood Circle Hussain, C/O. Royal Gas Bulandshahr Services, G.T. Road Khurja, Bulandshahr Pan No. Aamph 9619 N (Appellant) (Respondent) Assessee By Dr. Rakesh Gupta, Adv. & Shri Somil Aggarwal, Adv. Revenue By Shri Kanv Bali, Sr. D.R. Date Of Hearing: 09.10.2023 Date Of Pronouncement: 17.10.2023

Section 56(2)(vii)

Rs.50,000/- the stamp duty value of such property would be charged to tax in the hands of the individual of HUF as income from other sources. The existing provision does not cover a situation where the Anwar Hussain Khan vs. ACIT 5 immovable property has been received ... duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the individual or HUF as income from others sources. 5. Here is worthwhile to mention that for capital gain purpose provision of Sec-50C are applicable for the purpose of charging long

Puppala Gopi Krishna, Guntur vs. The Assistant Commissioner of Income Tax, Circle-1(1), Guntur

In the result, appeal of the assessee is allowed

ITA 82/VIZ/2021[2016-17]Status: DisposedITAT Visakhapatnam17 Oct 2023AY 2016-17

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri GVN Hari, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 142(1)Section 143(2)Section 143(3)Section 263Section 269SSection 271(1)(c)Section 271D

26/03/2021 for the AY 2016-17. 2 2. Briefly stated the facts of the case are that the assessee is an individual deriving income from other sources and agricultural income filed his return of income for the AY 2016-17 on 27/03/2017 declaring a total income ... shown any income under the head ‘capital gains’ instead the assessee offered an income of Rs. 51,05,000/- under the head ‘income from other sources’ on account of ‘sale of vacant site’. However, the Ld. AO observed that as per the Central Information Branch the assessee had entered into

Nalini Parwani, Raipur vs. Income Tax Officer, Ward 3(1), Raipur

In the result, the appeal of the assessee is allowed in terms of the aforesaid observations

ITA 249/RPR/2023[2013-14]Status: DisposedITAT Raipur17 Oct 2023AY 2013-14

Bench: Shri Ravish Soodआयकर अपील सं. / Ita No. 249/Rpr/2023 "नधा"रण वष" / Assessment Year : 2013-14 Nalini Parwani C/O. G.K Automobiles P. Ltd. Opp. Kabir Nagar, Gate No.2. Ring Road-2, Sondongri, Raipur (C.G.)-492 001 Pan : Aeqpp5635N .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward-3(1), Raipur (C.G.)

For Appellant: Shri Rajesh Kumar Chawda, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(3)Section 147Section 148Section 28Section 57

deduction claimed u/s 57 of the Income Tax Act, 1961 of INR 7,10,668/- on the grounds of not relevant for making income from other sources when the relevancy of claimed deduction with earning income from 3 Nalini Parwani Vs. ITO, Ward-3(1), Raipur investing in Business/Profession were ... following conditions: (i) the expenditure must have been laid out or expended wholly and exclusively for the purpose of making or earning "income from other sources " ; 4 Nalini Parwani Vs. ITO, Ward-3(1), Raipur (ii) the purpose of making or earning such income must be the sole purpose

DCIT (Central Circle -6(3), Mumbai vs. Karanja Terminal & Logistics Pvt Ltd, Mumbai

In the result, the appeals of the Revenue are dismissed

ITA 2159/MUM/2023[2016-2017]Status: DisposedITAT Mumbai16 Oct 2023AY 2016-2017

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

Section 115J

Account. 4. The Assessing Officer issued a show cause notice calling on the assessee why the interest income should not be taxed as “Income from other sources”. The assessee submitted before the Assessing Officer that the project of setting up the port facilities was getting delayed because of the reason ... identical facts for A. Y. 2011/12 and 12/13 the assessee on its own has offered these interest incomes to tax, as income from other sources, where these orders have achieved finality and the assessee has not preferred any further appeal. 4. In the notes to accounts, the assessee

DCIT (Central Circle -6(3), Mumbai vs. Karanja Terminal & Logistics Pvt Ltd, Mumbai

In the result, the appeals of the Revenue are dismissed

ITA 2158/MUM/2023[2017-18]Status: DisposedITAT Mumbai16 Oct 2023AY 2017-18

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

Section 115J

Account. 4. The Assessing Officer issued a show cause notice calling on the assessee why the interest income should not be taxed as “Income from other sources”. The assessee submitted before the Assessing Officer that the project of setting up the port facilities was getting delayed because of the reason ... identical facts for A. Y. 2011/12 and 12/13 the assessee on its own has offered these interest incomes to tax, as income from other sources, where these orders have achieved finality and the assessee has not preferred any further appeal. 4. In the notes to accounts, the assessee

Kona Seema Co Operative Housing Society Limited, Mumbai vs. CPC, Bangalore, Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 2025/MUM/2023[2020-2021]Status: DisposedITAT Mumbai16 Oct 2023AY 2020-2021

Bench: Shri Pavan Kumar Gadalekona Seemaco-Operative Vs. Cpc Housing Society Ltd. Bangalore. Plot No. 8, V.N Purav Marg, Near Diamond Garden, Chembur. Mumbai-400071. Pan/Gir No. : Aadak0665K Appellant .. Respondent

For Appellant: Shri Ashish A.Thakurdesai.ARFor Respondent: Shri G.J. Ninawe. Sr.DR
Section 143(1)Section 154Section 234ASection 80Section 80P(2)(d)

therefore interest income from cooperative banks on the fixed deposits are to be taxed under income from other sources and assessed the total income of Rs. 3,13,150/- vide order dated 23-12-2021. 3. Aggrieved by the order, the assessee has filed an appeal before

Pravara Gramin Bigar Sheti Sahakari Patsanstha Maryadit, Mumbai vs. Principle Commissioner of Income Tax, Thane-1, Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 1970/MUM/2023[2018-2019]Status: DisposedITAT Mumbai16 Oct 2023AY 2018-2019

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 143(3)Section 263Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

deduction u/s SOP of the Act and further observing that the interest on fixed deposits shall be taxed under the head of "Income from Other Sources".” 2. The assessee is a co-operative society and filed the return of income for A.Y. 2-18-19 on 19/09/2018 declaring total income ... that the interest derived from investing the surplus amount in short term deposits with banks and government securities would fall under the head “Income from other sources” and therefore, deduction under section 80P(2)(d) would not apply. The PCIT relied on the decision

ACIT Circle-59(1), New Delhi vs. Sanjay Singhal & Sons (HUF), New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 281/DEL/2021[2015-16]Status: DisposedITAT Delhi16 Oct 2023AY 2015-16

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 281/Del/2021 : Asstt. Year : 2015-16 Acit, Vs Sanjay Singhal & Sons (Huf), Circle-59(1), 9-110, Saraswati Kunj, 8, Alipur New Delhi Road, Delhi-110054 (Appellant) (Respondent) Pan No. Aaihs6800C Assessee By : Sh. Amit Goel, Ca Revenue By : Sh. Amit Katoch, Sr. Dr Date Of Hearing: 17.07.2023 Date Of Pronouncement: 16.10.2023 Order Per Dr. B. R. R. Kumar:

For Appellant: Sh. Amit Goel, CAFor Respondent: Sh. Amit Katoch, Sr. DR
Section 131Section 133(6)Section 143(3)Section 54Section 68

assessee had shown interest income from bank and Capital gain income. Income from LTCG was shown at Rs.35,02,300/- and income from other sources was shown at Rs.6,07,838/- resulting in total income of Rs.39,50,140/-. 3. The assessment was completed

Assistant Commissioner of Income Tax, Circle-1(1), Raipur vs. Chhattisgarh Rajya Sahakari Awas Sangh (Maryadit), Raipur

In the result, the appeal of the revenue is dismissed in terms of our aforesaid observations

ITA 206/RPR/2022[2015-16]Status: DisposedITAT Raipur16 Oct 2023AY 2015-16

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 206/Rpr/2022 "नधा"रण वष" / Assessment Year : 2015-16 The Assistant Commissioner Of Income Tax, Circle-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. Chhattisgarh Rajya Sahkari Awas Sangh Maryadit C-191, Tagore Nagar, Raipur (C.G.) Pan : Aaaac5903F ……""यथ" / Respondent

For Appellant: Shri Prafulla Pendse, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(3)Section 147Section 148Section 80PSection 80P(2)(a)Section 80P(2)(d)

u/s.80P(2)(d)(i) without appreciating the facts that interest income earned by the society comes to the category of income from other sources. 2. On the facts and circumstances of the case, the Ld. CIT(A) erred in appreciating the fact that the assessee for the year under consideration ... Service Co-Op Bank Ltd. (Ker.) wherein it has been held that the interest income earned by the society comes with category of income from other sources and section 80P(2)(d) deals with the eligible deduction in this behalf. 3. Any other ground that may be adduced

Preetiben Chhatrasingh Chauhan, Silvassa vs. Principal Commissioner of Income Tax, Valsad

In the result, this appeal of assessee is allowed

ITA 238/SRT/2023[2018-19]Status: DisposedITAT Surat16 Oct 2023AY 2018-19

Bench: Shri Pawan Singh, Jm &Dr. A. L. Saini, Am आयकर अपील सं./Ita No.238/Srt/2023 ("नधा"रणवष" / Assessment Year: (2018-19) (Virtual Court Hearing) Preetiben Chhatrasingh Chauhan Principal Commissioner Of Income Tax-Valsad, 301, 3Rd Floor, Income S.No.127/1, Preeti Industrial, Vs. Estate, 66 Kva Road, Amli, Tax Office, Palak Arcade, Shanti Silvassa-396 230 Nagar, Tithal Road, Valsad-395002 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abnpc 6043 R अपीलाथ"/Appellant ""थ"/Respondent

Section 143(3)Section 263

case is that assessee before us is an Individual. The assessee has earned income from house property, business, agriculture income and income from other sources during the year for assessment year 2018-19. The assessee filed her return of income on 12.03.2019, declaring total income at Rs.1

Sureshbhai Manibhai Patel, Surat vs. Pr. Commissioner of Income Tax -2, Surat

In the result, appeal of the assessee is allowed

ITA 103/SRT/2021[2010-11]Status: DisposedITAT Surat16 Oct 2023AY 2010-11

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.103/Srt/2021 ("नधा"रणवष" / Assessment Year: (2010-11) (Virtual Court Hearing) Shri Sureshbhai Manibhai Patel Principal Commissioner Of Income Tax, Surat-2, Surat 2Nd Floor, Room At & P.O.Vanskui, Vanskui, Vs. Tal. Mahuva, Dist Surat- No. 227, Aaykar Bhavan, Majura Gate, 394240 Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Anbpp 7561 M (अपीलाथ" /Appellant) (""थ"/Respondent) िनधा"रती की ओर से /Assessee By : Shri P.M. Jagasheth, C.A राज"व क" ओर से /Respondent By: Shri Ashok B. Koli, Cit-D.R

For Appellant: Shri P.M. Jagasheth, C.AFor Respondent: Shri Ashok B. Koli, CIT-D.R
Section 144Section 148Section 263

have been made by the Assessing Officer: 1 Unexplained cash deposit Rs.10,59,000 2 Income from contract receipt Rs. 13,614 3 Income from other sources Rs. 4,016 Assessed total income Rs.10,76,630 7. Later on, Ld PCIT exercised his jurisdiction ... Rs.10,59,900/- on account of unexplained income Rs.13,624/- on account of undisclosed contract receipt and Rs.4,016/- on account of income from other sources totaling to Rs.10,76,630/- in the assessment order passed u/s 144 r.w.s. 147 dated 28.07.2017. The balance amount of Rs.23,89,004/- (Rs.36

Sunil Pandurang Mantri, Mumbai vs. ACIT, Mumbai

In the result the appeal filed by the assessee is partly allowed for statistical purposes

ITA 1799/MUM/2023[2016-17]Status: DisposedITAT Mumbai13 Oct 2023AY 2016-17

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm Sunil Pandurang Mantri Acit 3&4, Kamal Co-Op. Society, Aaykar Bhawan, M.K. Road, Walkeshwar Road, Walkeshwar, Vs. Mumbai-400020 Mumbai-400006 (Appellant) (Respondent) Pan No. Abnpm4825D Assessee By : Shri. Abhishek Jhunjhunwala Revenue By : Shri. Swapnil Sawant Date Of Hearing: 03.08.2023 Date Of Pronouncement : 13.10.2023

For Appellant: Shri. Abhishek JhunjhunwalaFor Respondent: Shri. Swapnil Sawant
Section 143(3)Section 23Section 24

position of director of companies engaged in the real estate business. The assessee has shown loss from income from house property and income from other sources. The Ld. AO noted that as per the balance sheet as at 31.03.2015 the assessee was having four properties, one of the properties

M M Creations, New Delhi vs. ACIT, Circle- 32(1), New Delhi

In the result, the appeal of assessee is partly allowed for statistical purposes on grounds no

ITA 436/DEL/2018[2012-13]Status: DisposedITAT Delhi13 Oct 2023AY 2012-13

Bench: SHRI CHANDRA MOHAN GARG (Judicial Member), DR. B.R.R. KUMAR (Accountant Member)

For Appellant: Shri Kapil Goel, AdvFor Respondent: Ms. Smita Singh, Sr. DR
Section 194CSection 194C(6)Section 24Section 251Section 68

order of the learned CIT(A) on the issue of holding statutory deduction claimed u/s 24(a) as income to tax as "income from other sources" is perverse in as much as he has not classified the stand of granting depreciation which will only enhance the deduction in favour ... order of the learned CIT(A) on the issue of holding statutory deduction claimed u/s 24(a) as income to tax as "income from other sources" is perverse in as much as he has not classified the stand of granting depreciation which will only enhance the deduction in favour

M/S. Hanumangarh Kendriya Sahakari Bank Ltd., Hanumangarh vs. ACIT, Circle-2, Bikaner

In the result, the appeals filed by the appellant are allowed andthe order(s) of the Kerala High Court and other authorities to thecontrary are set aside

ITA 71/JODH/2022[2016-17]Status: DisposedITAT Jodhpur12 Oct 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 80PSection 80P(2)Section 80P(2)(d)Section 80P(4)

EARN INTEREST/ I.T.A. Nos. 68 to 71/Jodh/2022 3 Assessment Years: 2013-14 to 2016-17 DIVIDEND INCOME AND CAN SHOW THE SAME AS INCOME FROM OTHER SOURCES AND IS ELIGIBLE FOR DEDUCTION U/S 80P(2)(d) OF THE INCOME TAX ACT. FURTHER MORE IT WAS ALSO BEING HELD THAT ... eligible for deduction u/s 80P(2)(d) of the Act. In assessment, the ld. AO disallowed the deduction and treated interest and dividend income from other sources and added back with the total income of the assessee. Here is the yearwise chart for disallowance of interest and dividend which

M/S. Hanumangarh Kendriya Sahakari Bank Ltd., Hanumangarh vs. ACIT, Circle-2, Bikaner

In the result, the appeals filed by the appellant are allowed andthe order(s) of the Kerala High Court and other authorities to thecontrary are set aside

ITA 70/JODH/2022[2015-16]Status: DisposedITAT Jodhpur12 Oct 2023AY 2015-16

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 80PSection 80P(2)Section 80P(2)(d)Section 80P(4)

EARN INTEREST/ I.T.A. Nos. 68 to 71/Jodh/2022 3 Assessment Years: 2013-14 to 2016-17 DIVIDEND INCOME AND CAN SHOW THE SAME AS INCOME FROM OTHER SOURCES AND IS ELIGIBLE FOR DEDUCTION U/S 80P(2)(d) OF THE INCOME TAX ACT. FURTHER MORE IT WAS ALSO BEING HELD THAT ... eligible for deduction u/s 80P(2)(d) of the Act. In assessment, the ld. AO disallowed the deduction and treated interest and dividend income from other sources and added back with the total income of the assessee. Here is the yearwise chart for disallowance of interest and dividend which

M/S. Hanumangarh Kendriya Sahakari Bank Ltd., Hanumangarh vs. ACIT, Circle-2, Bikaner

In the result, the appeals filed by the appellant are allowed andthe order(s) of the Kerala High Court and other authorities to thecontrary are set aside

ITA 69/JODH/2022[2014-15]Status: DisposedITAT Jodhpur12 Oct 2023AY 2014-15

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 80PSection 80P(2)Section 80P(2)(d)Section 80P(4)

EARN INTEREST/ I.T.A. Nos. 68 to 71/Jodh/2022 3 Assessment Years: 2013-14 to 2016-17 DIVIDEND INCOME AND CAN SHOW THE SAME AS INCOME FROM OTHER SOURCES AND IS ELIGIBLE FOR DEDUCTION U/S 80P(2)(d) OF THE INCOME TAX ACT. FURTHER MORE IT WAS ALSO BEING HELD THAT ... eligible for deduction u/s 80P(2)(d) of the Act. In assessment, the ld. AO disallowed the deduction and treated interest and dividend income from other sources and added back with the total income of the assessee. Here is the yearwise chart for disallowance of interest and dividend which