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ITAT allowed the appeal of the assessee, holding that the AO's rectification under s.154 deleting the addition relating to deduction claimed under s.89(1) stands and that no fresh addition was made by the AO in respect of interest income; consequently the CIT(A)'s confirmation and observation that interest granted by the High Court was taxable was held to be infructuous. The tribunal concluded there was no taxable liability attributable to the assessee arising from the rectified items, set aside the impugned confirmation, and directed that the assessment be given effect in accordance with the AO's rectification order.
ITAT allowed the appeal of the assessee, holding that the AO's rectification under s.154 deleting the addition relating to deduction claimed under s.89(1) stands and that no fresh addition was made by the AO in respect of interest income; consequently the CIT(A)'s confirmation and observation that interest granted by the High Court was taxable was held to be infructuous. The tribunal concluded there was no taxable liability attributable to the assessee arising from the rectified items, set aside the impugned confirmation, and directed that the assessment be given effect in accordance with the AO's rectification order.
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