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2015 (1) TMI 1061 - AT - Income TaxInterest Income and miscellaneous income - Income from other sources v/s Business Income - Held that:- In absence of any supporting material, we are unable to accept the submission of learned Authorised Representative that the nature of income earned by the assessee as interest on FDRs, is in the nature of business. Similar is the position with other miscellaneous income, which is in the nature of providing copy of building plan, Memorandum of Articles of Association, car stickers and miscellaneous facilities etc. Thus we reject the principal argument of learned Authorised Representative that nature of this income is "business income". However, to examine the alternative claim of the assessee i.e. for considering the set off of these incomes against brought forward business losses, the matter is required to be restored back to the file of learned CIT(A) or the Assessing Officer, we accept such submission of the assessee and this matter is restored to the file of the Assessing Officer with the direction to examine this claim of the assessee as per provisions of law after giving the assessee a reasonable opportunity of hearing. - Decided partly in favour of assessee for statistical purposes. Calculation u/s. 115JB - ITAT confirmed the order of CIT(A) in deleting the addition of ₹ 1.98 crores made by the Assessing Officer while computing the book profit under section 115JB - when the assessee has submitted audit report in Form No. 29B certifying that the profit and loss account has been prepared as per Parts II & III of Schedule VI of the Companies Act then, whether the Assessing Officer has power to contend that the profit and loss account has not been prepared in accordance with the Provisions of Companies Act, 1956? - Held that:- The question been clearly answered in the decision in the case of Adbhut Trading Co. (P). Ltd. (011 (7) TMI 716 - Bombay High Court ), wherein it has been held that in such a situation, it is not open to the Assessing Officer to contend that the profit and loss account has not been prepared in accordance with the provisions of Companies Act, 1956. Therefore we reverse the order of learned CIT(A) in respect of ground No. 2 for A.Y. 2007-08 and allow this ground of appeal of the assessee.
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