banner_ad

INTEREST ON INCOME TAX REFUND

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 July 2008 M/S 'X' BEING A PARTNERSHIP FIRM HAD RECEIVED RS.10 LACS INTEREST ON INCOME TAX REFUND. THE INCOME TAX REFUND WAS DUE TO EXTRA TAX PAID DUE TO INCOME TAX OFFICERS ORDER BUT FIRM WENT FOR APPEAL AND SAME WAS ALLOWED, SO INCOME TAX REFUND WAS RECEIVED WITH INTEREST ON IT. DURING FINANCIAL YEAR 2007-08 THERE WAS NO OTHER INCOME THAN THIS INT ON INCOME TAX REFUND.

NOW THE QUESTION IS , WHETHER THE SAID INCOME IS CONSIDERED AAS BUSINESS INCOME AND SAME CAN BE SET OFF AGAINST EARLIER BUSINESS LOSS. OR IT WILL BE CONSIDERED AS OTHER INCOME AND FIRM WILL HAVE TO PAY TAX ON IT ?
Profile Image

CA RAMESH KUMAR AHUJA

Profile Image

CA RAMESH KUMAR AHUJA (Expert)
22 July 2008 It will fall under the head of Income from Other Sourses and the B/F business loss can not be adjusted therefrom.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details