TMI Blog2015 (7) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... given as security for Term Loans and Overdrafts in appellant’s business and payment of interest on such Overdrafts and Term Loans far exceeds the receipt of interest received on Fixed Deposits. Appellate Commissioner having concluded that the issue involved in the case was contentious one, annulled the order passed by the Assessing Authority under Section 154 of the Income Tax Act, 1961. Said orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... And Aravind Kumar,JJ. For the Appellant : Sri K V Aravind, Standing Counsel For the Respondent : Sri A Shankar M Lava, Advs. ORDER The second Substantial question of law raised in this appeal is covered against the revenue by the Apex Court in the Case of ACG ASSOCIATED CAPSULES (P) LTD. vs. COMMISSIONER OF INCOME TAX reported in 343 ITR 89. Hence, the second substantial quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2005. Notice was issued under Section 143(2) and same was replied. Subsequently, assessment order came to be passed under Section 143(3) of the Income Tax Act, 1961 on 16.12.2005. 4. According to the revenue, on verification of records, it was found that the assessee - company was in receipt of interest on Fixed Deposits at ₹ 2,28,80,959/- and TDS was also deducted. Hence, the revenue was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecords it is found that the Fixed Deposits from which the interest had been earned, has been given as security for Term Loans and Overdrafts in appellant s business and payment of interest on such Overdrafts and Term Loans far exceeds the receipt of interest received on Fixed Deposits. Appellate Commissioner having concluded that the issue involved in the case was contentious one, annulled the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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