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2014 (9) TMI 47 - HC - Income TaxPenalty u/s 271(1)(c) Onus discharged by assessee - Claim of deduction on interest on FDR u/s 10A Held that:- Assessee rightly contended that the FDRs had been furnished and given as security for obtaining overdraft limits relying upon CIT Vs. Delhi Brass and Metal Works Ltd. [2008 (11) TMI 42 - HIGH COURT DELHI] - the defence taken by the assessee that the FDRs on which interest had accrued or was paid, had been obtained for issue of bank guarantee or for taking overdraft facility for the purpose of business the defence was bonafide and the assessee has been able to discharge onus under Explanation to Section 271(1)(c) thus, the order of the Tribunal is upheld Decided against Revenue.
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