TaxTMI 
TaxTMI 
2002 (4) TMI 568
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....e only ground raised by the Revenue in this appeal relates to deletion of the addition of Rs. 38,619 made by the Assessing Officer in respect of interest on Fixed Deposits. The learned DR drew our attention to the relevant discussion in the assessment order in which it has been observed by the Assessing Officer that the assessee has earned interest of Rs. 38,619 on Fixed Deposits with Bank of Baro....
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....et aside and that of the Assessing Officer should be restored. 2. Smt. Usha Agarwala, the learned counsel appeared on behalf of the assessee. She contended that the entire details relating to the agricultural holdings of the HUF and income from agriculture derived by the HUF were duly shown to the Assessing Officer. She drew our attention to the following written submissions submitted at the time....
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....hat the HUF has sufficient funds to be invested in FD and earn interest thereon. It is these funds of HUF that were invested in FD and interest of Rs. 38,619 was earned. 2. The assessee duly submitted the details of the HUFs agricultural holdings, crops grown and earnings from such agricultural holdings before the learned Assessing Officer. 3. The learned Assessing Officer has neither rejected t....
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....,000 on the ground that loans and advances were given out of HUF funds which consisted of agricultural income. She thus strongly supported the order of the DCIT(A). 3. We have carefully considered the submissions made by the learned representatives of the parties and have gone through the orders of the learned Departmental Authorities. The fact relating to substantial income derived by the HUF fr....