9911796707
TMI Blog2012 (2) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... ued in the A.Y.2007-08 then total interest should have been assessed in the A.Y.2007-08, which the assessee has failed to do. Since only interest of Rs.1,13,306/- has been offered for taxation for A.Y.2007-08, therefore, to this extent no addition should have been made. Accordingly, addition of Rs.1,13,306/- is reduced out of total addition of Rs.3,19,588/-. The remaining amount out of total inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Rs.8897/-. On verification, it was found that this interest received by the assessee at Rs.3,19,588/-. Accordingly, assessee was required to explain that why entire addition of Rs.3,19,588/- should not be assessed in the year under consideration. It was submitted that the assessee is maintaining mercantile system of accounting and interest relate to last so many years and only interest of Rs.88 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the Will was executed on 19.07.2003 by which FDR was conveyed in the name of the assessee. This Will was probate on 21.3.2007. The FDR was matured on 20.04.2007. The total interest on maturity received by the assessee at Rs.3,19,588/-. Out of this interest, a sum of Rs.1,13,306/- was shown in the assessment year 2007- 08 on the basis of proportionate interest and interest of Rs.8897 was shown d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.1,13,306/- has already been offered for taxation for assessment year 2007-08, therefore, to this extent no addition should have been made either by the AO or by the CIT(A). Accordingly, I reduce the addition of Rs.1,13,306/- out of total addition of Rs.3,19,588/-, as otherwise it will tantamount to double addition. The remaining amount out of total interest is sustained in the year under cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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