Manjit Singh Malhi, Delhi Vs A.C.I.T.,Circle-2, Asansol

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Last updated: 28 November 2020
Quick Summary
The Income Tax Appellate Tribunal (ITAT) in Kolkata heard an appeal concerning whether interest earned on Fixed Deposits (FDs) used for a civil contract business should be classified as business income or income from 'other sources'. The Assessing Officer (AO) treated the interest as undisclosed income, a decision upheld by the CIT(A). The assessee argued the FDs were business assets, used as collateral and for tender security, and that the interest was consistently shown as business income in past audited accounts.

Court :
ITAT Kolkata

Brief :
This is an appeal preferred by the assessee against the order of Ld. CIT(A), Asansol dated 10-05-2019 for the assessment year 2015-16.

Citation :
ITA No. 2070/Kol/2019

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