Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (9) TMI 1132 - ALLAHABAD HIGH COURTAddition as contract profit and interest from FDR being income from other sources - ITAT confirmed deletion of addition - Held that:- The deletion of addition as contract profit and as interest from FDR was on the grounds that the A.O. has already allowed deduction on account of interest and salary paid to the partners. The depreciation and interest paid to third party was allowed as further deduction even if profit rate of 8% has been applied. The CIT(A) has given same treatment while computing the business income of assessee. On interest on FDRs, the CIT(A) noted that the addition was made by the Assessing Officer without giving any opportunity of hearing to the assessee. The FDRs were purchased for security purpose for obtaining the contracts which is connected with the business activities of the assessee. No substantial question of law.
|