M/S POPULAR FINANCE COMPANY,PATHANAMTHITTA vs. THE ACIT,CIR-1,, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

d) In the facts and circumstances of the case, whether the Assessing Officer correctly assessed the interest income received from partners under the head “income from Profits and Gains of Profession or Business? 4.3. What would be the income assessable if the transactions carried, with funds borrowed from public, are treated as illegal business? 4.3.1. From the facts as discussed

M/S POPULAR FINANCE COMPANY,PATHANAMTHITTA vs. THE ACIT,CIR-1,, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes