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2016 (7) TMI 697 - ITAT MUMBAI

2016 (7) TMI 697 - ITAT MUMBAI - TMI - Interest income - taxability on Accrual or Receipt basis- Addition of interest income on the Inter Corporate Deposits (ICD) - company had filed winding up petitions - Held that:- After considering the submission of the assessee and the assessment order the FAA held that it was a recurring issue which had been dealt with during the assessment proceedings during 143(3)as well as in the assessment proceedings u/s. 153A r. w. s. 143(3) of the Act in respect of .....

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d by the assessee. - Decided in favour of assessee. - ITA/3640/Mum/2012 - Dated:- 13-7-2016 - Shri Rajendra, Accountant Member And C. N. Prasad, Judicial Member For the Revenue : Shri J. Saravanan-DR For the Assessee : None ORDER Per Rajendra, AM Challenging the order, dated 24/02/2012, of the CIT (A)-38, Mumbai, the Assessing Officer (AO)has filed the present appeal. Assessee-company, engaged in the business of manufactur - ing of TW carbon, filed its return of income on 29/09/2008, declaring t .....

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to ₹ 111. 07 lakhs had been given to certain bodies corporates, that they had failed to honour the checks on due dates, that the company had filed winding up petitions before the court, that interest thereon since 1997-98 onwards would be accounted for on receipt basis, that for the year under appeal amount in question was ₹ 25, 22, 160/-. The AO observed that the assessee had not shown the said interest though it was following Mercantile system of accounting, that it had shown recei .....

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3) of the Act he held that books of accounts, maintained by the assessee, were not reliable. 3. Aggrieved by the order of the AO the assessee preferred an appeal before the First Appellate Authority (FAA). Before him, it was argued that ICD. s given to certain parties had become doubtful, that the parties to whom the deposits were given had failed to honour the cheques, that the assessee was not recognizing interest income on those deposits from 1997- 98 onwards, that similar addition on accrued .....

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