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2022 (4) TMI 324 - AT - Income TaxDisallowance u/s 10(25) - Claim of interest income disallowed approval granted by the Competent Authority under section 10(25)(iv) was not filed by the assessee - HELD THAT:- If an assessee fulfils the conditions contemplated in the above clause, then it will not be included in the total income. As observed by AO the assessee failed to submit the requisite certificate issued by the Competent Authority in order to claim the exemption of the interest income. We have perused the balance-sheet of earlier years and subsequent years. We have perused the LIC Certificate available. A perusal of all these documents would reveal that the assessee has erroneously calculated the alleged interest income which is not supported by any documentary evidence. On the other hand, the interest income discernable from the LIC Certificate is of a lesser amount. Therefore, we deem it appropriate to remit this issue to the file of the Assessing Officer for a fresh adjudication. AO would calculate the interest income earned by the assessee-Trust and thereafter make a disallowance. While doing so, ld. AO will grant sufficient opportunity of hearing to the assessee. Appeal of the assessee is allowed for statistical purposes.
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