9911796707
TMI Blog2022 (1) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee did not make such a claim in the original return but only in the revised return was considered for its correctness as to whether the same could have been a ground to reject the revised return and deny the claim for exemption. CIT(A) noted that the earning of interest was not from the 'first degree source' and the same could not be shown by the assessee as 'income from other sources' in the original computation and hence revised computation was filed by the assessee during the course of assessment proceedings and that the reason for rejecting the same as assigned by the assessing officer was incorrect. CIT(A) rightly noted the decision in CIT vs. Calcutta National Bank Ltd. [ 1959 (4) TMI 2 - SUPREME COURT] wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reversing the decision of the assessing officer whereby the Learned Tribunal allowed deduction in full the assessee's claim of the entire income from the interest from fixed deposits made out of accumulated profits and reserves as income derived from the industrial undertaking for deduction, which the assessee claimed as its business income by filing a revised return subsequently? (b) Whether on the facts and in the circumstances of the case and under the law the Learned ITAT erred in allowing the interest income earned on fixed deposits made out of accummulated profits and reserves of the assessee as income derived from business and allowing the same to be deducted under Section 80IB of the Income Tax Act? (c) Whether the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aced on record. We find that the order passed by the CIT(A) is sustainable both in law as well as on facts. The CIT(A) rightly construed the factual position and held that the interest earned by the assessee accrued from fixed deposits which were made out of business income of the assessee. Apart from that the assessee had no other source of income. The assessee is a Government of West Bengal undertaking and is engaged in the development of housing projects which was initially done by the housing Department of the Government of West Bengal and in the year 1972 the respondent was established and projects were developed by the respondent by constructing LIG/MIG and HIG flats for sale to the general public. The CIT(A) on going through the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
