Held that when interest is paid on the Income-tax refund amount, it is required to be reported under the head Income from other sources. But, the assessee had treated it as business income. There is no loss to the exchequer, when the assessee had paid tax on such income at the same rate, even though under a different heading. Addition is deleted. AY. 2017-18)
Singhal Builders v. ACIT (2024)115 ITR 378 / 169 taxmann.com 415 (Jaipur)(Trib)
S. 244A : Refunds-Interest on refunds-Shown any other income under the head business income-Assessable under the head income from other sources-Rate of tax unchanged-Addition of interest income is deleted. [S. 28(i), 56]