Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 114 - AT - Income TaxReopening of assessment - addition u/s 115JB and directed to levy tax @30% and not @10% - Held that:- Reopening has been made on perusal of the schedule P under the head other income. The original assessment u/s 143(3) of the Act was completed on 15.10.2009 at an income of ₹ 4096000/- in the original return of income. The assessee has shown the total income of ₹ 31323000/- and out of which ₹ 27227000/- as transfer of IEDC and ₹ 4096000/- was offer for taxes @ 10%. The claim of the Revenue is that the assessee should have offered the entire sum of ₹ 2727272000/- as total income of the assessee as interest income. However, in the assessment proceedings only ₹ 4096000/- was made. In view the above we carefully considered the orders of the lower authorities and we are of the view the above addition of ₹ 4096000/- u/s 115JB of the Act would required to be deducted tax @10% only. In view of this appeal of assessee is allowed.
|