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2016 (7) TMI 138 - HC - Income TaxRectification of mistake - Chargebility of Bank interest on Fixed Deposit - Held that:- Admittedly, where the Bank interest on Fixed Deposit which are pledged for Performance Guarantee is chargeable under the head ‘business income’ is supported by the decision of High Court in the case of CIT vs. Jaypee DSC Ventures Ltd. (2011 (3) TMI 309 - Delhi High Court). There are other contrary decisions also available and therefore, the issue becomes debatable with respect to the taxation of such interest income. When the issue is debatable the provisions of Section 154 cannot be invoked. The provisions of Section 154 can be invoked when there is apparent mistake which is glaring and patent. In the present case, we do not find any such apparent mistake and, therefore, the Ld. CIT(A) has erred in upholding the provisions of section 154 invoked by the AO - Decided in favour of assessee
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