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TMI Blog2016 (2) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) TMI 309 - Delhi High Court ), observed that the interest earned by the assessee on the fixed deposit made for performance guarantee of contract was capital in nature and cannot be assessed as income from other sources. Similarly, the Tribunal on another occasion in assessee’s case, has taken the same view. Considering the facts and circumstances of the case, we are of the opinion that the depo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has not filed any details and evidences during the assessment proceedings for the asst. year 2005-06, the Assessing Officer rejected the plea of the assessee and assessed the interest income of ` 9,42,265/-. For the asst. year 2006-07, the AO stated that the assessee adjusted the interest income against pre-operative expenses and in earlier years on similar issue, the interest is assessed as in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cals Ltd. vs. CIT (251 ITR 329) and overlooking the earlier order of the Tribunal for the asst. year 2002-03 in assessee s own case in ITA No.1409/Mds/2005 dated 7.2.2008, wherein it was held as follows : 4. We have heard both the counsels and perused the relevant records. We find that the issue is covered in favour of the assessee by the decision of the Hon ble Apex Court in the case of CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income Tax(Appeals) and decide the issue against the Revenue. Against this, the assessee is in appeal before us. 5. We have heard both the parties and perused the material on record. The main contention of the Department is that the issue was considered by the Supreme Court in the case of Bongaigaon Refinery Petrochemicals Ltd. vs. CIT(supra), wherein it was held that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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