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2013 (12) TMI 64 - AT - Income TaxInterest income – Held that:- Following assessee’s own case for the A.Y. 2005-06 – The interest income was liable to be taxed – However The tribunal held in this issue that - “There were factual mistakes in the order that went to the root of the matter and same were not deliberated upon by the FAA in appellate proceedings” - The orders for the earlier years have been set aside by the Tribunal - In the interest of justice, matter should be restored back to the file of the FAA for fresh adjudication – The issue was restored for fresh decision. Set off of brought forward business losses – Held that:- FAA had directed the AO to verify the assessee's claim and to allow/disallow the set off of losses in terms of relevant provisions of the Act - His order, with regard to treatment to be given to brought forward losses does not suffer from any infirmity – The issue was restored for fresh decision. Interest paid - Borrowed fund for acquiring rights – Held that:- FAA had accepted the alternate submission of the assessee with regard to deduction of interest expenses - As the main issue is being restored to the file of the FAA - All the issues raised by the AO are restored to the file of the FAA for deciding them afresh depending upon the ultimate decision of the main issue – Partly allowed in favour of assessee.
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