TMI Blog2021 (5) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits and interest income earned from fixed deposits, but learned CIT(A) has not considered any evidences filed by assessee - HELD THAT:- We find that learned CIT(A) has simply upheld order passed by Assessing Officer by following judgement M/s. Tuticorin Alkali Chemicals Fertilizers Ltd 1997 (7) TMI 4 - SUPREME COURT] even though assessee has cited subsequent decision of CIT Vs. M/s. Bokaro Steel Ltd.[ 1998 (12) TMI 4 - SUPREME COURT] and Indian Oil Panipat Power Consortium Ltd. [ 2009 (2) TMI 32 - DELHI HIGH COURT] where courts after considering decision of M/s. Tuticorin Alkali Chemicals Fertilizers Ltd (supra), held that if funds kept in fixed deposits is having inextricable link with project, then interest earned on short ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 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 and other High Courts on this matter on similar issue. The said act of the learned AO is against the principles of judicial discipline. 4. The learned lower authorities have in the facts and circumstances of the case and in law erred in not following the ruling of Supreme Court in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence, 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. Aggrieved by learned CIT(A) s order, assessee is in appeal before us. 5. The learned AR , at the time of hearing, submitted that learned CIT(A) has disposed off appeal filed by assessee without considering various evidences filed during the course of appellate proceedings to pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 subsequent decision of Hon ble Supreme Court in the case of CIT Vs. M/s. Bokaro Steel Ltd. (1999) 236 ITR 315 and decision of Hon ble Delhi High Court in the case of Indian Oil Panipat Power Consortium Ltd. Vs. ITO 315 ITR 255(Del), where courts after considering decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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