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TMI Blog2021 (5) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... d Assessing Officer (hereinafter referred to as lower authorities) have erred in finalizing an order of assessment which suffers from legal defects such as being passed in violation of principles of natural justice mid is devoid of merits without appreciating the facts involved and documents submitted in proper and has been completed without adequate Inquiries. 2. The learned lower authorities have, in the facts and circumstances of the case and in law, erred in taxing the interest received on the fixed deposits earmarked for obtaining and on lease as income from other sources. 3. The learned lower authorities have in the facts and circumstances of the case and in law, erred in not following the orders of the Honourable Supreme Court an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer was not convinced with explanation of the assessee and according to him, interest earned from fixed deposits from banks is assessable under the head income from other sources, irrespective of fact whether funds are raised for the purpose of capital expenditure or not. Hence, rejected the arguments of the assessee and assessed interest on fixed deposits under the head income from other sources. 4. Being aggrieved by assessment order, assessee preferred an appeal before learned CIT(A). Before learned CIT(A), assessee has filed various details, however, learned CIT(A) has disposed off appeal filed by assessee without considering submissions made by assessee in the light of various evidences including certain judicial precedents. Aggrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits is not relevant to decide head of income and which is nature of income decides head of income and accordingly, assessed interest income under the head income from other sources. The plea of learned AR for assessee is that although, assessee has filed various evidences before learned CIT(A) in light of certain judicial precedents to prove nexus between funds parked with fixed deposits and interest income earned from fixed deposits, but learned CIT(A) has not considered any evidences filed by assessee. We find that learned CIT(A) has simply upheld order passed by Assessing Officer by following judgement of Hon'ble Supreme Court in the case of M/s. Tuticorin Alkali Chemicals & Fertilizers Ltd (supra), even though assessee has cited s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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