TaxTMI 
TaxTMI 
2012 (2) TMI 70
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....ng to assessment year 2008-09. 2. The assessee is objecting in confirming the disallowance of Rs.3,19,558/- on account of interest on FDR. The AO during the assessment proceedings noticed that the assessee has shown interest on FDR at Rs.8897/-. On verification, it was found that this interest received by the assessee at Rs.3,19,588/-. Accordingly, assessee was required to explain that why....
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....submissions and the orders of the lower authorities on which reliance has been placed by the Ld. DR, I found that the assessee deserves to succeed in respect of this ground in part. It is seen that as per Will of late father of the assessee, the Will was executed on 19.07.2003 by which FDR was conveyed in the name of the assessee. This Will was probate on 21.3.2007. The FDR was matured on 20.04.20....
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....son for the same, it was stated that probate was issued in the assessment year 2007-08 then in my considered view that interest should have been assessed in the assessment year 2007-08, which the assessee has failed to do. Since interest of Rs.1,13,306/- has already been offered for taxation for assessment year 2007-08, therefore, to this extent no addition should have been made either by the AO o....