9911796707
TMI Blog2022 (6) TMI 1394X X X X Extracts X X X X X X X X Extracts X X X X ..... has exceeded his scope and there is lack of jurisdiction? - HELD THAT:- The assessee was in the process of setting up of a plant. AO took the view that the interest income is assessable under the head Income from other sources and the business loss claimed by the assessee should be capitalised. Accordingly he computed NIL income under the head business. Accordingly, the AO assessed entire interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R. BASKARAN, A.M. The assessee has filed this appeal challenging the order dated 28-02- 2020 passed by Ld CIT(A)-6, Bengaluru and it relates to the assessment year 2015-16. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the addition of Rs.40,78,335/-, which has resulted in assessing interest income separately under the head income from other sources. The assessee has also r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osit of Rs.6.91 crores as fixed deposit with Karur Vysya Bank and received interest income of Rs.47,49,673/-. The assessee had incurred expenses of Rs.37,15,365/-. The assessee filed its return of income declaring total income of Rs.6,71,340/-, which was arrived at after deducting expenses from the interest income of Rs.47,49,673/-. 4. The assessee was in the process of setting up of a plant. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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