TMI Blog2020 (2) TMI 1682X X X X Extracts X X X X X X X X Extracts X X X X ..... to be answered in the affirmative notwithstanding the fact that the AO, admittedly, on account of oversight / mistake failed to assess the interest income since there was no question of double addition which had arisen in this case. A judgment of the Hon'ble Supreme Court which was referred to and relied upon by the learned advocate representing the appellant rendered in Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al questions of law, which read as follows:- (i) Whether the ITAT was legally justified in upholding the action of Assessing Officer reassessing the interest income of the appellant u/s 147 / 148 of the Act, when A.O. admittedly on account of oversight / mistake failed to assess the interest income which was duly disclosed in the books of accounts of the appellant? (ii) Whether on the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer has work out profit on the basis of contract income and sub contract income and not added interest income by mistake. From the perusal of audited balance sheet of the assessee it is clear that the assessee himself shown Rs. 47,34,000/- as other income in schedule 12 of audited balance sheet. The case laws is not applicable in the case of assessee because the assessee himself sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was referred to and relied upon by the learned advocate representing the appellant rendered on 3rd February, 1999, in Commissioner of Income-Tax v. Corporation Bank Ltd., reported in (2002) 122 Taxman 826 (SC), has no manner of application at all in the facts of the instant case, since that judgment was rendered prior to the applicable law having undergone several amendments. The questio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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