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2018 (1) TMI 233 - AT - Income TaxRevision u/s 263 - Treating interest income under the head ‘business income’ and setting of losses of earlier years - Held that:- Tribunal considered the facts along with the treatment given in the assessment order and the observation made by the Ld. Commissioner. The Tribunal also considered the reply of the assessee with its basic objectives along with other facts and that too in the light of various judicial pronouncements including from Hon'ble Apex Court and from Hon'ble various High Courts and thereafter held that the interest income earned from fixed deposits with the bank and held that the Assessing Officer framed the assessment with application of mind. Commissioner of Income Tax (Appeal) directed the Assessing Officer to follow the order of the Tribunal in which, we find no infirmity. Thus, we find no merit in the appeal of the Revenue. Even otherwise, the subordinate authorities are expected to follow the directions of the high forum unless and until contrary facts are brought to the notice. We affirm the order of the Ld. Commissioner of Income Tax (Appeal), resulting into dismissal of appeal of the Revenue.
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