https://www.taxtmi.com/caselaws?id=782194 ITAT Kolkata upheld the CIT(A)'s deletion of an addition on account of interest on FDR, holding that taxing it separately would result in double taxation. The assessee followed an accounting system under which interest on FDR was reduced from work-in-progress and therefore was not reflected on the revenue side of the Profit and Loss account. On examining the audited annual accounts, the Tribunal found that the interest had already effectively been accounted for through reduced work-in-progress. Concluding that the CIT(A) had taken a correct and reasoned view, ITAT dismissed the Revenue's appeal. en-us Wed, 30 Jul 2025 00:00:00 +0530 Wed, 26 Nov 2025 08:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782194 ITAT Kolkata upheld the CIT(A)'s deletion of an addition on account of interest on FDR, holding that taxing it separately would result in double taxation. The assessee followed an accounting system under which interest on FDR was reduced from work-in-progress and therefore was not reflected on the revenue side of the Profit and Loss account. On examining the audited annual accounts, the Tribunal found that the interest had already effectively been accounted for through reduced work-in-progress. Concluding that the CIT(A) had taken a correct and reasoned view, ITAT dismissed the Revenue's appeal. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782194