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2021 (7) TMI 438 - ITAT DELHIAccrual of interest - interest on NCDs - HELD THAT:- It remains an admitted fact that for the assessment years 2015-16 and 2016-17 there was no objection from the AO in respect of non-inclusion of this particular interest on NCDs and the return was processed under section 143(1) of the Act. For the assessment year 2017-18, however, there was a scrutiny of the return of income and the assessing officer accepted the non-inclusion of the interest on NCDs and did not make any adverse comment the consequent addition. It is also an admitted fact that for the assessment year 2014-15 though the learned Assessing Officer made a similar addition as made in this year, in appeal, Ld. CIT(A) deleted the same. It is submitted by the Ld. AR that no appeal was preferred by the Revenue against the relief granted by the Ld. CIT(A) for the assessment year 2014-15 and it has become final. Though the AO had taken a similar objection for the assessment year 2014-15, it was returned down by the Ld. CIT(A) in appeal and the Revenue accepted the same. Such an acceptance of Revenue is not only for the assessment year 2014-15 but it continued for the subsequent years 2015-16 and 2016-17 and more particularly for the assessment year 2017-18 in which year though the learned Assessing Officer record the return for scrutiny under section 143(3) of the Act, did not take any objection in this regard. Above all, the submission of the assessee is that in the assessment year 2018-19 the assessee offered the entire interest income of ₹ 75, 75, 000/-to tax. The rule of consistency demands that the Revenue cannot approbate and reprobate in respect of the very same issue from year to year and finally remains silent when the entire interest amount was offered to tax in the assessment year 2018-19. We, therefore, find substance in the submissions made on behalf of the assessee and hold that the impugned addition cannot be sustained. We consequently direct the learned Assessing Officer to delete the impugned addition. Appeal of the assessee is allowed.
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