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2018 (2) TMI 741 - AT - Income TaxRevision u/s 263 - error committed by AO in taxing the interest income in the manner as specified under Rule 8 of IT Rules, 1962 which is causing prejudice to the interest of revenue - Held that:- CIT u/s 263 of the Act has not pointed out any defect in the submission filed by assessee before him during proceedings. The assessee before Ld. Pr. CIT has made the submission that amount of interest income is directly linked with the agricultural operation of assessee. Therefore, the same has to be included in the composite income as specified under Rule 8 of IT Rules, 1962. We find force in the advanced argument by the assessee as the impugned interest income is directly linked with the agricultural operation of assessee. See Eveready Industries India Ltd. v. CIT & Anr. reported (2009 (12) TMI 226 - CALCUTTA HIGH COURT) . The income is directly linked with the business operation of assessee. Therefore, same is liable for taxation in the manner specified in Rule 8 of IT Rules, 1962. We uphold the grievance of the assessee and quash the impugned revision order as devoid of jurisdiction.- Decided in favour of assessee.
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