https://www.taxtmi.com/caselaws?id=761040 ITAT Chennai set aside lower authorities' orders regarding interest income taxation from a disputed FD. The assessee claimed non-liability due to court-ordered ownership transfer, while revenue argued for taxation. ITAT held that since FD ownership remains undecided by HC, taxation cannot be determined presently. Matter remanded to AO for fresh adjudication after HC decides ownership. Assessee provided affidavit accepting tax liability if ownership reverts. Penalty under section 271(1)(c) also set aside pending quantum determination. Revenue's appeal allowed for statistical purposes only. en-us Wed, 23 Oct 2024 00:00:00 +0530 Mon, 04 Nov 2024 08:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761040 ITAT Chennai set aside lower authorities' orders regarding interest income taxation from a disputed FD. The assessee claimed non-liability due to court-ordered ownership transfer, while revenue argued for taxation. ITAT held that since FD ownership remains undecided by HC, taxation cannot be determined presently. Matter remanded to AO for fresh adjudication after HC decides ownership. Assessee provided affidavit accepting tax liability if ownership reverts. Penalty under section 271(1)(c) also set aside pending quantum determination. Revenue's appeal allowed for statistical purposes only. Case-Laws Income Tax Wed, 23 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761040