2022 (1) TMI 96

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . K. Bhowmick, Adv. For the Respondent : Mr. Subhabrata Dutta. Adv. Mr. Debashis Sarkar, Adv. Mr. Avra Majumdar, Adv. ORDER T. S. SIVAGANANAM, J. The appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act' in brevity) is directed against the order dated 22nd March, 2017 passed by the Income Tax Appellate Tribunal, Kolkata "A" Bench (the 'Tribunal' .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rned 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 Learned Income Tax Appellate Tribunal was correct in facts as well as in law in giving a correct interpretation of the phrase "derived .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n, was of the view that this is an after-thought and denied the relief. Apart from that fact certain other observations were made by the assessing officer. The assessee being aggrieved carried the matter in appeal to the Commissioner of Income Tax (Appeals)-XIX, Kolkata (CIT(A)). The CIT(A) by the order dated 12th December, 2013 allowed the appeal. Aggrieved by the same, the revenue preferred appe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nt by constructing LIG/MIG and HIG flats for sale to the general public. The CIT(A) on going through the facts found that the income of the respondent/assessee is only from sale of flats. The CIT(A) also examined as to whether the observation of the assessing officer that the assessee did not make such a claim in the original return but only in the revised return was considered for its correctness .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... was held that the income should be treated as business income. The tribunal on its part, examined the correctness of finding recorded by the CIT(A) and approved by same. More importantly, the tribunal noted that the assessing officer himself has allowed deduction under similar circumstances while completing the assessment for the assessment year 2006-07 under Section 143(3) of the Act. Thus, we f .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X