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2012 (2) TMI 70 - ITAT JAIPURTaxability of interest received on FDR – accrual basis vs receipt basis - FDR conveyed in the name of the assessee through Will executed on 19.07.03 - Will probate on 21.3.2007 – FDR matured on 20.04.07 – agricultural income treated as income from other sources by Revenue – A.Y. 08-09 - Held that:-Probate was issued in the A.Y.2007-08 then total interest should have been assessed in the A.Y.2007-08, which the assessee has failed to do. Since only interest of Rs.1,13,306/- has been offered for taxation for A.Y.2007-08, therefore, to this extent no addition should have been made. Accordingly, addition of Rs.1,13,306/- is reduced out of total addition of Rs.3,19,588/-. The remaining amount out of total interest is sustained in the year under consideration. In respect of agricultural income, assessee did not file any evidence in respect of agricultural land holding. Thus, it cannot be said that the same is out of agricultural income. Order of CIT(A) is confirmed – Decided partly in favor of assessee.
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