Loan Against Fixed Deposit Not Business Income; Tribunal Upholds Assessee's Appeal Under Section 44AD

ITAT allowed the assessee's appeal, finding the Assessing Officer's addition of Rs. 9 lakhs unwarranted. The tribunal determined that the amount received by the assessee as a loan against fixed deposit cannot be considered business income. Since the assessee had already declared income under the Income Tax Declaration Scheme for AY 2013-14 and opted for taxation under Section 44AD, the addition was unjustified. The tribunal set aside the lower appellate authority's order and directed deletion of the disputed addition. .....

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