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2015 (7) TMI 942 - AT - Income TaxValidity of Reopeing of assessment - Income assessed under wrong head - Held that:- Though it is the contention of the assessee that in the past the interest income on inter corporate deposits has been assessed as business income on the ground that the assessee has been engaged in the business of financing, bill discounting and inter corporate deposits, however, we find that the assessee in its written submissions dated 07.10.11 made to the Income Tax Officer has fairly admitted that the interest on fixed deposit with bank of ₹ 1,150/- and interest on IT refund of ₹ 4,580/- had inadvertently remained to be offered as income from other sources. The Ld. AO, while reopening the assessment, has also considered the said interest on bank deposits and interest with IT refund and has formed the opinion that the said income was assessable under the head “Income from other sources”. Since this fact of assessment of above income under the wrong head has also been admitted by the assessee, hence the order of the AO forming his opinion for reopening the assessment particularly in relation to the above said interest income on bank deposits and IT refund can be held to be justified. - Matter remanded back - Decided partly in favour of assessee.
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