TMI Blog2016 (7) TMI 697X X X X Extracts X X X X X X X X Extracts X X X X ..... een 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 AY. s 2001-02 to 2007-08, that the assessee had filed winding up petition before the Court, that in the notes on account year after year the assessee had mentioned that the interest receivable on ICDs would be accounted for on receipt basis, that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 2. 18 lakhs. The AO completed the assessment, under section 143 (3) of the Act, on 31/12/ 2010, determining the income of the assessee at ₹ 30, 22, 378/-. 2. The solitary ground of appeal, raised by the AO, is about deleting the addition of interest income of ₹ 25. 22 lakhs on the Inter Corporate Deposits (ICD). During the assessment proceedings, the AO found that in the note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ustries Development Corporation(242 ITR 122), State Bank of Travancore (158 ITR 102) and Kerala Financial Corporation(210ITR129), he held that interest amount of ₹ 25. 22 lakhs, accrued on ICD, had to be added to the income of the assessee. Invoking the provisions of section 145 (3) of the Act he held that books of accounts, maintained by the assessee, were not reliable. 3. Aggrieved by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d other two assessment years deleted the addition, that the appeal filed by the department was dismissed by the Tribunal, that on 8. 12. 2011 the Hon'ble Bombay High Court had dismissed the appeal filed u/s. 260A against the order of the Tribunal. 3. 1After considering the submission of the assessee and the assessment order the FAA held that it was a recurring issue which had been dealt wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have heard the rival submissions and perused the material before us. We find that while deciding the appeal for the earlier years the Tribunal had decided the issue against the AO and the Hon'ble High Court had dismissed the 260A application filed by the department. Respectfully, following the judgment of Hon'ble Bombay High Court effective Ground of appeal is decided against the AO. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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