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2014 (12) TMI 796 - ITAT AHMEDABADDeduction of addition of NSC maturity Held that:- CIT(A) while granting partial relief to the assessee has given a finding that the amount was invested by cheque from the bank account maintained with Federal Bank and thus the source of investment has been established - with respect to taxing of interest of 54,072/- he has noted that such interest was not reflected in assessees return of income of earlier years - the interest is considered to have been rightly taxed - revenue has not brought any material to controvert the finding of CIT(A) the order of the CIT(A) is upheld Decided against revenue. Interest income from various saving bank accounts deleted Held that:- CIT(A) has noted that the interest from bank aggregating to ₹ 5,89,197/- has already been offered to tax and the shortfall was to the extent of ₹ 64,304/- as against the difference of ₹ 4,07,238/- worked by the AO - the addition to the extent by ₹ 64,304/- is upheld - revenue has not placed any material on record to controvert the findings of CIT(A) thus, the order of the CIT(A) is upheld Decided against revenue. Deletion of addition on interest of HDFC bonds Held that:- CIT(A) while granting relief to the assessee has noted that assessee had offered for taxation interest on HDFC bonds on the basis of calculation of simple interest at 8% amounting to ₹ 10,40,000/- whereas as per terms and conditions of the bonds, the interest was on cumulative basis - CIT(A) has further given a finding that as against the interest of ₹ 12,81,981/- worked out by the AO, assessee had offered for taxation interest on HDFC bonds of ₹ 10,40,000/- and therefore addition of only differential amount of ₹ 1,78,981/- was upheld - revenue has not placed any material on record to controvert the findings of CIT(A) thus, the order of the CIT(A) is upheld Decided against revenue. Deletion of addition accrued interest u/s. 64(2) Held that:- CIT(A) while deleting the addition rightly noted that provision of section 64 were not applicable - no material has been placed on record by the Revenue to controvert the findings of CIT(A) and there is no reason to interfere with the order of CIT(A) Decided against revenue. Deletion of addition of ₹ 19,22,500/- on account of received from family members Held that:- CIT(A) has given a finding that the interest of ₹ 19,22,500/- accrued on loans given by the assessee was formed part of the income of ₹ 85.05 lacs that was offered by Assessee to tax and thus the amount was already offered to tax - revenue has not brought any material on record to controvert the findings of CIT(A) - there is no reason to interfere with the order of CIT(A) Decided against revenue.
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