2019 (1) TMI 1917 - AT - Income Tax

Characterisation of income - addition as locker rent from the depositors - income from business or other sources - HELD THAT - As i Mehsana District Central Co-operative Bank Ltd. 2001 (8) TMI 15 - SUPREME COURT as held that locker rent derived by assessee was income from business of banking - no merit in levying locker rent on notional basis therefore, we are not inclined with the decision of the Ld. CIT(A). Appeal of the assessee is allowed.

Summary

The Appellate Tribunal ITAT Ahmedabad allowed the appeal of the assessee for A.Y. 2014-15, overturning the addition of locker rent as income from business of banking. The decision of the CIT(A) was not upheld. (Case citation: 2019 (1) TMI 1917 - ITAT AHMEDABAD)