2015 (1) TMI 95

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..... t appeal has been preferred by the Revenue against the order dated 15.05.2013 of the Commissioner of Income Tax (Appeals) [(hereinafter referred to as CIT(A)] relevant to assessment year 2009-10. 2. The Revenue has taken the following grounds of appeal:       "1. On the facts and in the circumstances of the case as well as in law, the Ld. CIT(A) erred in directing the As .....

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..... g business of M/s. Riverdale Foods Ltd., a sick company. For making the bid the assessee had to make deposits with the bankers of M/s. Riverdale Foods Ltd. in the shape of an FDR. The FDR was made in the name of "Bank of India A/c. Riverdale Foods Ltd." in the lien account. As the assessee was not having sufficient funds, the sister concern of the assessee company M/s. Charisma Builder provided th .....

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..... long with interest was refunded to the assessee company. He therefore, relying upon the decision of the Hon'ble Bombay High Court in the case of "CIT vs. Varun Shipping" 334 ITR 263 (Bom.), directed the AO to compute the income under the head "Profits and Gains of Business". 5. We have heard the rival contentions of the Ld. Representatives of both the parties and have also gone through the re .....

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