https://www.taxtmi.com/caselaws?id=248174 The Income Tax Appellate Tribunal upheld the Commissioner of Income Tax's decision to delete the addition of estimated interest income from Fixed Deposit Receipts in Visnagar Bank for A.Y. 2007-08. The Tribunal agreed that due to the bank's liquidation and uncertainty in recovering the principal amount, the Assessee was justified in not disclosing interest income. The previous acceptance of non-disclosure by the Revenue and lack of real income from interest on the FDRs supported the decision to dismiss the Revenue's appeal on 23rd May 2014. en-us Fri, 23 May 2014 00:00:00 +0530 Wed, 04 Jun 2014 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248174 The Income Tax Appellate Tribunal upheld the Commissioner of Income Tax's decision to delete the addition of estimated interest income from Fixed Deposit Receipts in Visnagar Bank for A.Y. 2007-08. The Tribunal agreed that due to the bank's liquidation and uncertainty in recovering the principal amount, the Assessee was justified in not disclosing interest income. The previous acceptance of non-disclosure by the Revenue and lack of real income from interest on the FDRs supported the decision to dismiss the Revenue's appeal on 23rd May 2014. Case-Laws Income Tax Fri, 23 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248174