2012 (2) TMI 353

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....1. Ms. Suruchi Aggarwal, Standing Counsel who appears on behalf of Mr. Abhishek Maratha is granted permission to place on record the correct assessment order (Annexure-A1 to this appeal).   2. This appeal which pertains to assessment year 2007-08 relates to issue of netting of interest paid of Rs.1,85,62,489/- from the gross interest on Fixed Deposit Receipts of Rs.2,64,79,712/-.   ....

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....ficer had made similar additions in the said years and did not allow netting of the interest paid on the loan from the interest received on deposits. On appeal, the assessee succeeded before the tribunal. A Division Bench of this Court vide decision dated 13.12.2010, reported in (2011) 335 ITR 144 has dismissed the appeal of the Revenue and held that the interest paid should be allowed under Secti....