Interest income on tax refund, though required to be reported under 'income from other sources', was...

Interest income on tax refund, though required to be reported under 'income from other sources', was erroneously shown as business income by assessee firm. Despite incorrect classification, assessee paid tax at applicable rate. No loss to exchequer occurred. Addition for interest income on refund treated as business income deserves deletion, as tax was duly paid, notwithstanding incorrect head of income. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X