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TMI Blog2007 (6) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 - - - Dated:- 5-6-2007 - P.D.DINAKARAN and .P.S.JANARTHANA RAJA JUDGMENT The judgment of the court was delivered by P.P.S. JANARTHANA RAJA J.- This appeal is filed under Section 260A of the Income Tax Act, 1961 by the assessee, against the order of the Income Tax Appellate Tribunal, Bench "B", Chennai in I.T.A. No.1546/Mds/2005 dated 28.09.2006 raising the following substantial que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t determining the total income at Rs.7,35,210/-. While completing the assessment, the Assessing Officer rejected the assessee's claim that interest paid has direct relation with the interest received and hence the expenditure has to be allowed as deduction from the interest income. The Assessing Officer also rejected the method of computation of income. Aggrieved by the order, the assessee filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Loss Account as under:- Sales : Other income : Rs.1,33,81,157 Rs. 16,82,777 5. The assessee claimed the entire income as exempt under Section 10B of the Act. The details regarding the other income of Rs.16,82,777/- are as follows:- (a) Exchange Fluctuation Gains : (b) Interest on Deposits : Rs.9,47,56 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interest on payment of IFU loan 7,63,135 Average balance of IFU loan 1,00,14,363 Rate of interest payments "A" 0.08 Interest on Bank Fixed Deposits 7,35,209 Average balance of Bank FD 82,27,267 Rate of interest receipts "B" 0.09 Profit margin (B-A) 0.01 Profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal are based on valid materials and evidence and it is not proper for the assessee to claim once again the interest income under "income from other sources", which has already been debited to Profit and Loss Account. 8. Under these circumstances, we are of the view that the order passed by the Tribunal is in accordance with law and the same does not require interference. Hence, no su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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