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2012 (8) TMI 423 - AT - Income TaxInterest income – netting of interest payment against income of fixed deposits - assessee clarified that the assessee earned interest income which also includes interest earned on fixed deposits – Held that:- CIT rejected the assessee’s claim of not only it being a business receipt/expenditure and in the alternative, he granted relief as per the provisions of S.56 of the Act - decision of the CIT is fair and it does not call for any interference Prior period expenditure - whether the said prior period expenses should be adjusted to the net profit for the purposes of S.115JA of the Act, considering the contents of parts II and III of Schedule VI of the Companies Act, 1956 – Held that:- Assessing officer directed to examine the items mentioned in said Part II and III of Schedule VI of the Companies Act, 1956 and decide afresh as to the correct treatment to be given to the impugned prior period expenses for the purposes of computing the book profit, and its adjustment for the purposes under S.115JA of the Act - Revenue’s appeal is partly allowed for statistical purposes
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