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2014 (12) TMI 796 - AT - Income TaxDeduction of addition of NSC maturity – Held that:- CIT(A) while granting partial relief to the assessee has given a finding that the amount was invested by cheque from the bank account maintained with Federal Bank and thus the source of investment has been established - with respect to taxing of interest of 54,072/- he has noted that such interest was not reflected in assessee’s return of income of earlier years - the interest is considered to have been rightly taxed - revenue has not brought any material to controvert the finding of CIT(A) – the order of the CIT(A) is upheld – Decided against revenue. Interest income from various saving bank accounts deleted – Held that:- CIT(A) has noted that the interest from bank aggregating to ₹ 5,89,197/- has already been offered to tax and the shortfall was to the extent of ₹ 64,304/- as against the difference of ₹ 4,07,238/- worked by the AO - the addition to the extent by ₹ 64,304/- is upheld - revenue has not placed any material on record to controvert the findings of CIT(A) – thus, the order of the CIT(A) is upheld – Decided against revenue. Deletion of addition on interest of HDFC bonds – Held that:- CIT(A) while granting relief to the assessee has noted that assessee had offered for taxation interest on HDFC bonds on the basis of calculation of simple interest at 8% amounting to ₹ 10,40,000/- whereas as per terms and conditions of the bonds, the interest was on cumulative basis - CIT(A) has further given a finding that as against the interest of ₹ 12,81,981/- worked out by the AO, assessee had offered for taxation interest on HDFC bonds of ₹ 10,40,000/- and therefore addition of only differential amount of ₹ 1,78,981/- was upheld - revenue has not placed any material on record to controvert the findings of CIT(A) – thus, the order of the CIT(A) is upheld – Decided against revenue. Deletion of addition accrued interest u/s. 64(2) – Held that:- CIT(A) while deleting the addition rightly noted that provision of section 64 were not applicable - no material has been placed on record by the Revenue to controvert the findings of CIT(A) and there is no reason to interfere with the order of CIT(A) – Decided against revenue. Deletion of addition of ₹ 19,22,500/- on account of received from family members – Held that:- CIT(A) has given a finding that the interest of ₹ 19,22,500/- accrued on loans given by the assessee was formed part of the income of ₹ 85.05 lacs that was offered by Assessee to tax and thus the amount was already offered to tax - revenue has not brought any material on record to controvert the findings of CIT(A) - there is no reason to interfere with the order of CIT(A) – Decided against revenue.
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