2015 (1) TMI 95

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.... ORDER Per: Sanjay Garg: The present appeal has been preferred by the Revenue against the order dated 15.05.2013 of the Commissioner of Income Tax (Appeals) [(hereinafter referred to as CIT(A)] relevant to assessment year 2009-10. 2. The Revenue has taken the following grounds of appeal:       "1. On the facts and in the circumstances of the case as well as ....

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.... assessee company made a bid for acquisition of running business of M/s. Riverdale Foods Ltd., a sick company. For making the bid the assessee had to make deposits with the bankers of M/s. Riverdale Foods Ltd. in the shape of an FDR. The FDR was made in the name of "Bank of India A/c. Riverdale Foods Ltd." in the lien account. As the assessee was not having sufficient funds, the sister concern of ....

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....see had failed to obtain the bid, hence the bid amount along with interest was refunded to the assessee company. He therefore, relying upon the decision of the Hon'ble Bombay High Court in the case of "CIT vs. Varun Shipping" 334 ITR 263 (Bom.), directed the AO to compute the income under the head "Profits and Gains of Business". 5. We have heard the rival contentions of the Ld. Representat....