2015 (7) TMI 13

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....& M Lava, Advs. ORDER The second Substantial question of law raised in this appeal is covered against the revenue by the Apex Court in the Case of ACG ASSOCIATED CAPSULES (P) LTD. vs. COMMISSIONER OF INCOME TAX reported in 343 ITR 89. Hence, the second substantial question of law is answered accordingly against the revenue. 2. The first substantial question of law reads thus: 1. Whether the Ap....

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....f the Income Tax Act, 1961 on 16.12.2005. 4. According to the revenue, on verification of records, it was found that the assessee - company was in receipt of interest on Fixed Deposits at Rs. 2,28,80,959/- and TDS was also deducted. Hence, the revenue was of the impression that this being the income from other sources, needs to be reduced from the profit of business to arrive at the deduction und....

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....pellant's business and payment of interest on such Overdrafts and Term Loans far exceeds the receipt of interest received on Fixed Deposits. Appellate Commissioner having concluded that the issue involved in the case was contentious one, annulled the order passed by the Assessing Authority under Section 154 of the Income Tax Act, 1961. Said order of Appellate Commissioner is confirmed by the Tribu....