TMI Blog2021 (9) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... of interest u/s. 244A - Addition being interest on income tax refund for the assessment year 2012-13 as the same was not offered to tax by the appellant society on account of ignorance of this fact as the interest refund was adjusted against the tax liability - HELD THAT:- Admittedly, the interest on income tax refund for the assessment year 2012-13 was received by the appellant society during the previous year relevant to the assessment year under consideration. The fact that such interest was adjusted against the outstanding demand of the appellant is immaterial as the adjustment of refund also amount to receipt of the interest. Therefore, we uphold the findings of the lower authorities on this issue. Accordingly, this ground of appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts of the case are that the appellant is a cooperative society engaged in the business of banking. The return of income for the assessment year 2013-14 was filed on 02.10.2013 disclosing total income of ₹ 8,76,56,290/-. Against the said return of income, the assessment was completed by the Assistant Commissioner of Income Tax, Ahmednagar Circle, Ahmednagar ('the Assessing Officer') vide order dated 30.03.2016 passed u/s. 143(3) of the Income Tax Act, 1961 ('the Act') at total income of ₹ 11,23,91,398/-. While doing so, the Assessing Officer made the following disallowances:- i. Disallowance of Broken period interest 36,00,977 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of value of investment which yielded the investment for the purpose of computing annual average value of investment as envisaged under clause (iii) of Sub-rule (2) of Rule 8D of the Rules. It is submitted before us that the Assessing Officer had adopted the amended provisions of the Rules which came into effect from 02.06.2016 though the assessment was completed much prior to the amendment of the Rules. It is submitted that the average value of investment should be computed with reference to the provisions of Rules as existing at the relevant point of time. 7. On the other hand, ld. Sr. DR also agreed to remand the matter back to the file of the Assessing Officer to compute the amount of disallowance under clause (iii) of Sub-rule ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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