9911796707
TMI Blog2013 (1) TMI 1005X X X X Extracts X X X X X X X X Extracts X X X X ..... , Agra for the Assessment Year 2008-09. 2. None was present on behalf of the assessee. However, written submission has been filed. 3. After hearing the ld. Departmental Representative, I proceed to decide the appeal on merit after considering the Written Submissions filed by the assessee. 4. The assessee is a Civil Contractor. The assessee filed return declaring income of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,48,477/- on total income from contract business of ₹ 1,08,83,640/-. The A.O. added interest income of ₹ 3,37,886/-. 5. The CIT(A) has relied upon the judgment of Hon ble Madras High Court in the case of CIT vs. A. Vajjiram Bros, 326 ITR 551 (Madras) wherein income estimated by applying 8% N.P. rate was found reasonable. The CIT(A) has also relied upon the judgment of H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of I.T.A.T., Agra Bench in assessee s own case for A.Y. 2007-08 wherein the interest income was accepted as business income and separate addition of interest income was deleted. 6. Ld. Departmental Representative relied upon the order of CIT(A). 7. I find that the effective grievance of the assessee is that the interest income is part of contract business and, therefore, separate ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s below in applying the profit rate of 8%. However, the interest income of ₹ 78,200/- should not be added separately. The orders of the authorities below to that extent are set aside and modified and we direct that no separate addition on account of interest income be made in the case of assessee. Thus, the assessee will get relief of ₹ 78,200/- and rest of the order of the ld. CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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