9911796707
TMI Blog2014 (5) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... rected to treat the interest receipts as the income of the assessee Corporation in the respective assessment years - in the absence of anything to the contrary brought on record by the Revenue, there was no infirmity in the order of the CIT(A) – Decided against Revenue. - ITA No. 1646/Hyd/13, ITA No. 1647/Hyd/13 - - - Dated:- 7-5-2014 - Shri B. Ramakotaiah And Smt. Asha Vijayaraghavan,JJ. For the Appellant : Shri P. Somasekhar Reddy, DR For the Respondent : Shri K. A. Subbaraoji ORDER Per Smt. Asha Vijayaraghavan, Judicial Member: These two appeals by the Revenue are directed against the common order of the Commissioner of Income-tax(Appeals) IV, Hyderabad dated 20.9.2013, for the assessment years 2008-09 and 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the AYs 2002-03 to 2006-07 where the ITAT held as follows: We have considered the submissions of both the parties and perused the material available on record. The ld. Counsel for the assessee clearly proved that the assessee company is not in the business of construction of houses. Hence, there is no question of offering income from the construction activity. We find that the income of the assessee corporation only comprises of admission fees, supervisions charges, interest, differential cost of component and other material and managerial subsidy from the State Government. We find merit in the argument of the ld. Counsel for the assessee that, due to the G.O s issued by the State Government from time-to-time for one time settlemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 23 districts of Andhra Pradesh, the Assessing Officer had estimated the income from interest at 15% of the recovery amount vide his orders dated 31.01.2013. 6. The AR further submitted that the appellant was in a similar position of inability to furnish the information for the two years in appeal and under the circumstances, income from interest may be assessed at 15% of the recovery as follows: Financial Year Recovery from Beneficiaries(Rs.) 15%of recovery(Rs.) 2007-08 2008-09 59,21,73,971 NIL 8,88,26,095 NIL 7. The Assessing Officer is directed to bring the interest to tax in the light of the directions of the ITAT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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