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2019 (8) TMI 648 - ITAT AHMEDABADIncome from discontinued business - Correct head of income - income of interest received on advances - Income from other sources or business income - HELD THAT:- In view of the provision of Sec. 176(3A) it is clear that the interest income on advances is to be assesseed as business income and the lower authority has failed to consider the provision of Sec. 176(3A) which deal with the income from discontinued of business. Accordingly, the aforesaid income is to be assesseed as income from business and profession considering the provisions of Sec. 176(3A) of the Act. - decided in favour of assessee. Disallowing the claim of bad debts u/s 36(2) - fixed deposit made with Sarvoday Co-operative Bank who was now under liquidation - HELD THAT:- CIT(A) has given specific finding that assessee has not demonstrated with relevant details that aforesaid deposit was made in the ordinary course of the business and the income earned from such deposit was shown in the preceding year in its total income. With the assistance of the Ld. Representative we have gone through the material on record and observed that assessee has not demonstrated with any supporting evidences that it had shown any income earned from such deposit in the preceding years. In order to facilitate to adjudicate the impugned issue on merit we consider it appropriate to restore this issue to the file of the Ld. CIT(A) for adjudicating afresh after examination and verification of the relevant supporting detail to be furnished by the assessee. - Decided in favour of assessee for statistical purpose.
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