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2019 (11) TMI 88 - AT - Income TaxDeduction u/s. 10A - absence of any response from the assessee repeated the original assessment order wherein the interest earned on FD was treated as “income from other sources” and thereby the benefit of exemption u/s.10A and the benefit of netting was not allowed - CIT(A) upheld the action of the AO HELD THAT:- The reasons of which have already been reproduced in the preceding paragraph. From the various details furnished by the assessee in the paper book we find the order for A.Y.2002-03, 2004-05 and 2005-06 were set aside to the file of the AO by the Tribunal. We further find the AO himself has allowed the benefit of netting off of interest and allowed the deduction u/s. 10A for A.Y.2009-10 and 2010-11. Considering the totality of the facts of the case and in the interest of justice we deem it proper to restore the issue to the file of the AO with a direction to give one final opportunity to the assessee to substantiate that the FD’s are inextricably linked with the business of the assessee. AO shall decide the issue afresh and as per law after giving due opportunity of being heard to the assessee. The assessee is also hereby directed to appear before the AO and not disregard the statutory notices failing which the AO is at liberty to pass appropriate order as per law. - Decided in favour of assessee for statistical purpose.
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