Audit under sec 44AB

Of course yes
what confusion you have

1. Irrespective of the nature of income (business income) if the T.O crosses Rs.1  crore during the year tax audit u/s 44AB will be mandatory. 
2. In your case interest for the inter-corporate loan is your company's income and if it crosses Rs.1 crore then tax audit u/s 44AB will surely be applicable. 
Please correct me if the above solution has an alternative view. 

What if i consider it as income from other sources??

You can not show any income anywhere. If you wish then try and see

1. You can. Interest income column will have Rs.1 crore which will be fully taxable. And the IT Department may view it from a different angle. You can try. 

Interest Income which i am earning is not my primary source of business income..my primary source of income is from selling food and beverages.. if i put interest in"other income head" in B&P schedule than too Audit u/s 44AB is applicable??

What's the T.O in selling food and beverages?

@ Suresh i will tell you entire case...

There has been Rs.0/- T/o from business of food and beverages.. However, co. has certain statutory obligation in respect of interest availed from FI's, NBFC's for loans availed for working capital, salary,etc... hence huge business losses.. The co. has given certain amt of inter corporate loans to its other co.s on which interest income is running above Rs.1 crore... hence as Gross t/o is below limits set by 44AB for tax audits.. so does interest income "shown under other income head" constitute part of Gross T/o or Gross receipts for application of sec 44AB..???

Or

If i constitute as inc. from other sources i believe i can avail benefit under sec 70 for inter head adj for same assessment year...is it right??

1. Yes, you are right in your approach. As per sec 71A, business loss can be set it off against IOS and T.O for the purpose of sec 44AB will only constitute revenue earned from Food and Beverage business. 
2. Inter Corporate loans will not form part of T.O of your company and it will be taxed under the head IOS. 
3. Your approach is correct as per books. But a company which incurs a loss and providing loan to its parent/sister company will ring a huge alarm to the IT department and as well as to the MCA. Make sure you have all the documents in order with respect to loan and interest income. 
Please correct me if the above interpretation has an alternative view. 

For my understanding what documents needs to be maintained for inter corporate loans accorded??

Further can't i show that interest income under head other incomes in B&P schedule??? if i show will it attract sec 44AB??

1. Documents and records as per sec 186 Companies Act. 
2. Once you show the income in B&P schedule it forms part of your business income exclusively for business as per ITR. 

Ya that i am aware of... but does that attract sec 44AB???

Try in your ITR whether it actually mandates for a tax audit or not.

Now itr automatically pops up whether tax audit applicable or not?? these year have had no chance to file itr 6..