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2009 (5) TMI 607 - ITAT DELHIRectification of mistake occurred in the intimation issued under section 143(1)(a) of the Act - Adjustment of receipt against pre-operative expenditure - whether interest earned from deposits made by the assessee is assessable to tax can only be decided after examining and verifying the purpose for which the deposit was made, the source of money to make deposit, and no uniform formula can be laid down in all cases that the interest earned on deposits during construction period prior to commencement of business would invariably be assessable to tax under head "Income from other sources". whether the assessee would be, or not liable to tax on the amount of interest, etc., simply because the assessee has made set-off of the same against expenses pending capitalisation, inasmuch as, in the present appeals, that question is not involved. whether the assessee can be held liable to tax, on this count or not - Held that:- it was wrong on the part of the Assessing Officer to reject the application under section 154 filed by the assessee. Thus, the assessee's applications under section 154 stand allowed and the intimation issued under section 143(1)(a) by the Assessing Officer shall stand rectified accordingly for the year under appeal, appeals filed by the Revenue dismissed.
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