Interest Income Derived By Gujarat Sports Authority On Its Surplus Taxable As "Income From Other Sources": Ahmedabad ITAT

The Ahmedabad Bench of ITAT, consisting of members P.M. Jagtap (Vice President) and Siddhartha Nautiyal (Judicial Member), has ruled that the interest income earned by the Gujarat Sports Authority on its deposits would be taxable as "Income from Other Sources" and not as business income under the Income Tax Act, 1961. The ITAT held that since the Sports Authority was not engaged in...