https://www.taxtmi.com/caselaws?id=366501 The Revenue's appeal against the deletion of interest income additions for the assessment years 2011-2012 and 2013-2014 was dismissed by the Tribunal, upholding the CIT(A)'s decision that interest income on Fixed Deposits is a capital receipt and not taxable under Section 56. The Tribunal also directed the deletion of the penalty under Section 271(1)(b) for non-compliance with a hearing notice for the assessment year 2012-2013, as the assessment was made under Section 143(3) and the penalty was deemed unsustainable. The appeals and cross objections were dismissed or allowed accordingly. en-us Fri, 27 Jul 2018 00:00:00 +0530 Thu, 06 Sep 2018 07:17:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366501 The Revenue's appeal against the deletion of interest income additions for the assessment years 2011-2012 and 2013-2014 was dismissed by the Tribunal, upholding the CIT(A)'s decision that interest income on Fixed Deposits is a capital receipt and not taxable under Section 56. The Tribunal also directed the deletion of the penalty under Section 271(1)(b) for non-compliance with a hearing notice for the assessment year 2012-2013, as the assessment was made under Section 143(3) and the penalty was deemed unsustainable. The appeals and cross objections were dismissed or allowed accordingly. Case-Laws Income Tax Fri, 27 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366501