Interest income on tax refund, though required to be reported ...

Incorrect reporting of interest on tax refund as business income; no tax evasion.

Case Laws Income Tax

September 9, 2024

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.

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Interest income on tax refund, though required to be reported ...

Incorrect reporting of interest on tax refund as business income; no tax evasion.

Case Laws Income Tax

September 9, 2024

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