The Income Tax Appellate Tribunal (ITAT) held that income from interest is chargeable to tax as ‘income from other sources’ under Section 56 of the Income Tax Act. The assessee made fixed deposits with various banks amounting to Rs.15 crore. At the same time, the assessee availed loan amounting to Rs.2.5 crore from State Bank […]
from Taxscan | Simplifying Tax Laws https://ift.tt/3f7nCi5
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