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2016 (7) TMI 697 - AT - Income TaxInterest income - taxability on Accrual or Receipt basis- Addition of interest income on the Inter Corporate Deposits (ICD) - company had filed winding up petitions - Held that:- After considering the submission of the assessee and the assessment order the FAA held that it was a recurring issue which had been dealt with during the assessment proceedings during 143(3)as well as in the assessment proceedings u/s. 153A r. w. s. 143(3) of the Act in respect of AY. s 2001-02 to 2007-08, that the assessee had filed winding up petition before the Court, that in the notes on account year after year the assessee had mentioned that the interest receivable on ICDs would be accounted for on receipt basis, that the AO had been ignoring the stand taken by the assessee, that the FAA and the Tribunal had deleted the additions made by the AO, that the Hon'ble High Court had dismissed the 260A application filed by the department. Finally, he allowed the appeal filed by the assessee. - Decided in favour of assessee.
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