TMI Blog2005 (1) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... of interest accrued and thus there is no liability on the bank to deposit this amount - held that the Tribunal had erred in law in confirming the deletion of the impugned addition - - - - - Dated:- 27-1-2005 - Judge(s) : G. S. SINGHVI., AJAY KUMAR MITTAL. JUDGMENT The judgment of the court was delivered by Ajay Kumar Mittal J.- This appeal under section 260A of the Income-tax Act, 1961 (for short "the 1961 Act"), filed at the behest of the Revenue, raises the following substantial question of law: "Whether, on the facts and in the circumstances of the case, the honourable Income-tax Appellate Tribunal has erred in law in confirming the deletion of the impugned addition of Rs. 10,79,858 on account of interest income accrued on FD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 Act"), dated May 15, 1979, and the award was announced on June 11, 1981. The details of the amount paid by the Land Acquisition Collector as per certificate dated March 20, 1996, are as under: --------------------------------------------------------------------- Total amount Amount of TDS Balance amount paid Date of (Rs.) (Rs.) (Rs.) challan of TDS --------------------------------------------------------------------- 82,09,548 5,44,531 76,65,016 27-7-1992 14,63,192 1,26,128 13,37,064 28-10-1993 19,56,665.75 1,40,661 18,16,004 23-2-1994 3,27,045 36,629 2,90,416 7-9-1994 ---------------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1994 to 4,163 31-3-1994 ---------- 10,79,858 ---------- The sum of Rs. 10,79,858 had accrued as interest on the fixed deposit receipts in the State Bank of India, Hisar, during the previous year relevant to the assessment year 1994-95 the addition of which is the subject-matter of challenge in this appeal. Shri Rajesh Bindal, learned counsel appearing for the Revenue, submitted that the interest of Rs. 10,79,858 had accrued to the assessee and this amount was free from encumbrances. The bank had also not provided any guarantee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Gujarat High Court in CIT v. Bavla Gopalak Vividh Karyakarisahakari Mandli Ltd. [2002] 253 ITR 97 to buttress his submission. We have considered the respective submissions of learned counsel for the parties and have carefully examined the same. The judgment of the honourable Supreme Court in Hindustan Housing and Land Development Trust Ltd.'s case [1986] 161 ITR 524 has no application in the present case. That was a case where certain land belonging to the assessee was requisitioned and compulsorily acquired by the State. The arbitrator awarded the compensation for the period of requisition. Thereupon, the State Government preferred an appeal in the High Court. During the pendency of the appeal, the State Government deposited ..... X X X X Extracts X X X X X X X X Extracts X X X X
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