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2016 (1) TMI 499 - AT - Income TaxAddition on book profit of the interest received on tax refund - Held that:- In the case of the assessee, the refund was determined in previous year 2010-11, corresponding to assessment year 2011-12 i.e. present assessment year, so the interest also accrued only in assessment year 2011-12 and not in any year earlier to it. Therefore, we hold that the interest of ₹ 4,66,110 accrued in relevant assessment year only. In the case in hand the interest was not only accrued in the relevant year but the assessee has also accepted the mistake of not crediting the amount of ₹ 2,50,737 in its profit and loss account for the year under consideration. The case of the assessee falls in first category of cases as it was discovered beyond doubt that profit and loss account was not drawn up in accordance with the Part II and Part III of the Schedule VI of the Companies Act. Therefore, respectfully following, the decision of the Special Bench of Tribunal in the case of Rain Commodities (2010 (7) TMI 794 - ITAT HYDERABAD ), we hold that the amount of ₹ 2,50,737 was correctly added by the Assessing officer while computing the book profit of the assessee and no interference is required in the order of the learned Commissioner of Income-tax (Appeals). - Decided against assessee
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