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2015 (2) TMI 105 - AT - Income TaxInterest on PDCs Paid outside the books of account - part of purchase consideration of land was paid through PDCs - CIT(A) deleted addition - Held that:- Ground raised by the Revenue is misconceived because learned CIT(A) has not deleted the addition but has only directed to recalculate the interest. - after examining the loose papers seized at the time of search at the assessee’s premises, it was noticed that interest is paid on the PDCs only during the period of extension of PDCs and, therefore, he directed the Assessing Officer to recompute the interest on PDCs at the time of extension of the PDCs. He has further observed that if it is not possible to work out the extension of PDCs in each case, then the Assessing Officer is directed to recompute interest on PDCs after six months from the date of issue of the PDCs. Therefore, the ground of appeal of the Revenue that the CIT(A) deleted the addition of ₹ 5,06,625/- made by the Assessing Officer on account of interest on PDCs is factually incorrect and contrary to the order of the CIT(A). - Decided against revenue.
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