2014 (3) TMI 389

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....ndra Bhat (Open Court) 1. Even after second call, no one has appeared for the appellant. Learned counsel for the Revenue is present. The matter has been taken up for hearing. 2. This is an appeal under Section 260A of the Income Tax Act, 1961 ("the Act"), against an order of the Income Tax Appellate Tribunal ("ITAT") dated 22.10.2012 for the Assessment Year 1998-99. 3. Anand Kumar, the as....

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....matter to the file of the AO for the exercise to be re-done in view of the ruling of the Court in CIT v. Shri Ram Honda Power Equipment Ltd., 289 ITR 475 (Delhi), which was held to cover the substantial question of law said to arise in the case. Subsequently, on remand, the AO, by an order under Section 143(3) of the Act, dated 27.10.2008, held that the interest on FDRs was "income from other sour....

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.... business income, the only question that required consideration was whether deduction should be of 90% of the gross interest or net interest. The Court also confined the question of law only to this issue." 5. The assessee's argument - in the appeal memorandum - is that since the AO, and the subsequent authorities, in the previous AY had held, on the same facts, the income from interest to be "....

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....file of the Assessing Officer so that he can reconsider the decision of Hon'ble High Court dated 27.7.2007 for assessment year 1998-99 and the judgment/order dated 19.1.2007 rendered in ITA No. 596/2004 allegedly pertaining to the assessment year 1997-98 and the decision in the case of Shri Ram Honda Power Equipment (supra) and thereafter redetermine the issue in question. With the above observati....