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TMI Blog2011 (9) TMI 1029X X X X Extracts X X X X X X X X Extracts X X X X ..... asad ORDER PER CHANDRA POOJARI, A.M. These are cross appeals preferred by the assessee as well as the Revenue are directed against the order passed by the CIT(A) V, Hyderabad dated 31.8.2007 and pertains to the assessment year 2004-05. 2. The assessee raised the following grounds in its appeal in ITA No.1028/H/2007: 1. The order dated 31.8.2007, passed by the CIT(A) is agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee prays for the allowance of the claims and delete the additions. 6. The assessee craves leave to add alter or delete any of the grounds at the time of hearing the appeal. 3. The Revenue raised the following grounds in its appeal in ITA No.1059/H/2007: 1. The CIT(A) erred in holding that the interest income from Netxell Ltd., as non performing asset as the assessee company has claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me on non performing asset (NPA). 5. We have heard both the parties and perused the materials available on record. Both the parties are fairly conceded that this issue was rightly considered by the Hon ble ble Madras High Court in the case of T.N. Power Finance and Infrastructure Development Corporation Ltd. Vs. JCIT (280 ITR 491) (Mds. HC) wherein it was held that: Merely because the RBI had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly the grounds raised by the assessee are dismissed and in the result, the assessee appeal dismissed. 7. Now coming to the Revenue appeal in ground Nos.1 2 as referred above, these grounds have become infructuous as we held in the assessee s appeal that interest income on non performing asset are to be brought to tax. Accordingly, the first two grounds raised by the revenue are dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set aside these entire issue to the file of Assessing Officer to give findings regarding the nature of advance whether it is in the capital field or in Revenue field and decide accordingly. 10. In the result, the appeal of the assessee is dismissed and that of revenue appeal is partly allowed for statistical purposes. Order pronounced in the open Court 30.9.2011 - - TaxTMI - TMITax - I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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