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2015 (10) TMI 304 - AT - Income TaxInterest income allegedly accrued at the rate of 15% on delayed payments made by the DISCOMs - CIT(A) deleted the addition - Held that:- Having regard to the facts of the case including especially the absence of any clause in the relevant agreement for the levy of interest or surcharge for the delayed payment and the order of the Andhra Pradesh Electricity Regulatory Commission, denying the claim of the assessee for such interest/surcharge, we are of the view that the assessee was not entitled to claim any interest on the delayed payments from the DISCOMs for the year under consideration, and such interest income cannot be said to have accrued to the assessee for the year, as rightly held by the learned CIT(A). In that view of the matter, we uphold the impugned order of the learned CIT(A) deleting the addition made by the Assessing Officer on account of interest allegedly receivable by the assessee from the DISCOMs on delayed payments, and dismiss this appeal of the Revenue. - Decided in favour of assessee.
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