TMI Blog2021 (10) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... sale cannot be termed as short term capital gain or even business income and thus, the assessee has rightly computed the same as long term capital gain on sale which was reflected in profit and loss account and was subsequently also done. Thus, the deletion of the addition by the CIT(A) was right and there is no need to interfere with the findings of the CIT(A). Hence, Ground No. 1 of Revenue s appeal is dismissed. Accrual of income - addition of interest amount in the income of the assessee as share of the disputed parties in the interest will arise only - CIT(A) deleted the addition - HELD THAT:- The interest income on fixed deposit in respect of arbitration proceeding and the same cannot be taxable during the year under consideration as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the cash flow statement whereas in the P L account only Rs. 38,31,079/- has been shown. The AO has rightly added the interest amount in the income of the assessee as share of the disputed parties in the interest will arise only. 3. That the order of Ld. Commissioner of Income Tax (Appeals) being erroneous in law and on facts deserves to be quashed and that of the Assessing Officer deserves to be restored. I.T.A. No. 387/AGRA/2017 (A.Y 2013-14) 1. That the Ld.CIT(A) has erred in law and on facts in deleting the addition of Rs.16,15,54,801/- made by AO, ignoring the fact that the assessee has shown interest on FDR of Rs.1,21,74,561/- only whereas the interest of Rs.16,15,54,801/- received on FDR with PNB has not been shown. The AO has rightl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in progress was accepted by the Revenue for Assessment Year made u/s 153C read with Section 143(3) of the Act for Assessment Year 2007-08 to 2009-10 as well as for Assessment Year 2010-11 and 2011-12. Thus, the continuous stand of the revenue was these are work in progress treated to be as capital asset and not as stock-in- trade. The transfer of the hotel on sale cannot be termed as short term capital gain or even business income and thus, the assessee has rightly computed the same as long term capital gain on sale which was reflected in profit and loss account and was subsequently also done. Thus, the deletion of the addition by the CIT(A) was right and there is no need to interfere with the findings of the CIT(A). Hence, Ground No. 1 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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