9911796707
TMI Blog2015 (1) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee for acquisition of business of M/s. Riverdale Foods Ltd. i.e. for business purposes only. Even the FDR was made with Bank of India in the account of M/s. Riverdale Foods Ltd. Hence, under such circumstances it cannot be said that the assessee had invested the money for the purpose of earning of interest income. The FDR was deposited as a prerequisite to be eligible for making bid to acquir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing grounds of appeal: 1. On the facts and in the circumstances of the case as well as in law, the Ld. CIT(A) erred in directing the Assessing Officer to treat the Interest income as Business income' instead of Income from other sources'. 2. The appellant prays that the order of the CIT(A) on the above ground be set aside and that of the Assessing Officer be restored. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt funds, the sister concern of the assessee company M/s. Charisma Builder provided the fund to the assessee. However, BIFR rejected the bid made by the assessee and business was allotted to some other client. The assessee received back the invested amount and the interest on the FDR. The Assessing Officer (hereinafter referred to as the AO) assessed this interest under income from other sources i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntentions of the Ld. Representatives of both the parties and have also gone through the records. Admittedly, it is not the case of the Revenue that the assessee had invested his surplus money in FDR with the bank for earning of interest income. The bid amount was deposited by the assessee for acquisition of business of M/s. Riverdale Foods Ltd. i.e. for business purposes only. Even the FDR was mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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