2013 (1) TMI 1005 - AT - Income Tax

Summary

Issues involved: Appeal against order dated 21.03.2012 passed by ld. CIT(A)-II, Agra for Assessment Year 2008-09.

Summary:
The appellant, a Civil Contractor, declared income of &8377; 1,49,790/-. The Assessing Officer (A.O.) noticed discrepancies in the declared income and production of vouchers. The A.O. applied 8% N.P. rate and added interest income of &8377; 3,37,886/-. The CIT(A) upheld the A.O.'s order based on precedents. The appellant argued that interest income was part of business income, citing a previous case. The Tribunal found in favor of the appellant, following the precedent, and deleted the separate addition of interest income.

The Tribunal confirmed the order of Revenue Authorities applying 8% N.P. rate but deleted the separate addition of interest income. The appellant was granted relief of &8377; 3,37,886/-. It was clarified that the assessed income should not be less than the income declared in the return.

In conclusion, the appeal was partly allowed, with the separate addition of interest income being deleted, in line with the appellant's previous case for A.Y. 2007-08.