9911796707
TMI Blog2013 (11) TMI 1063X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel appearing for the department. 2. This Income Tax Appeal filed under Section 260-A of the Income Tax Act arises from an order of Income Tax Appellate Tribunal, Agra Bench, Agra dated 28.6.2013 in respect of assessment year 2009-2010. 3. The appeal has been preferred by the department on following substantial questions of law:- "A. Whether the ITAT erred in law in concluding that b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvances) on which no interest was charged. D. Whether ITAT was justified in law in confirming the decision of CIT (A) who deleted the addition of Rs.2,96,22,000/- made by AO towards suppressed interest income on the various categories of advances disbursed by the bank i.e. assessee. E. Whether ITAT's finding is justified in law that income of an assessee as inferred in this case can be enhanced ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional Rural Bank Act, 1976. The accounts of the assessee are audited as per Banking Regulation Act. The Assessing Officer did not point out any specific defects in the maintenance of books of account or the audit report. He did not reject the books of account before calculating the average interest on various type of advances. The assessee was asked to give details of the interest received from va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest and also did not refer the matter for special audit. 7. We do not find that the Tribunal has committed any error of law inasmuch as unless the audited books of accounts were rejected or the matter was referred to special audit, the Assessing Officer was not entitled to average the interest on the advances and to add difference of the interest averaged by him on such advances. 8. In our view ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
