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2019 (10) TMI 1317 - AT - Income TaxAddition u/s 56 - assessee had earned interest on FD income on fixed deposit - HELD THAT:- The case of the assessee appears to be squarely covered in the case of Indian Oil Panipat Power Consortium Ltd. [2009 (2) TMI 32 - DELHI HIGH COURT].Thereafter following the aforesaid decision of the Hon'ble Delhi High Court, the jurisdictional ITAT, Cuttack Bench, Cuttack has held in the case of POSCO-India (P) Ltd. [2013 (9) TMI 533 - ITAT CUTTACK] has held that the interest earned by the assessee on FDs cannot be taxed as income from other sources. Even as per the decision in the case of CIT Vs. Vegetable Products, [1973 (1) TMI 1 - SUPREME COURT], when two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted. Accordingly, we do not find any infirmity in the order of CIT(A) in this regard and we uphold the same. Hence, the sole ground of appeal raised in both the appeals of the Revenue is dismissed.
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