TaxTMI 
TaxTMI 
2011 (9) TMI 1029
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....ar For the Respondent : Shri T. Diwakar Prasad ORDER PER CHANDRA POOJARI, A.M. These are cross appeals preferred by the assessee as well as the Revenue are directed against the order passed by the CIT(A) -V, Hyderabad dated 31.8.2007 and pertains to the assessment year 2004-05. 2. The assessee raised the following grounds in its appeal in ITA No.1028/H/2007: 1. The order dated 31.8.2007....
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....the time of hearing the assessee prays for the allowance of the claims and delete the additions. 6. The assessee craves leave to add alter or delete any of the grounds at the time of hearing the appeal. 3. The Revenue raised the following grounds in its appeal in ITA No.1059/H/2007: 1. The CIT(A) erred in holding that the interest income from Netxell Ltd., as non performing asset as the asses....
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....interest income on non performing asset (NPA). 5. We have heard both the parties and perused the materials available on record. Both the parties are fairly conceded that this issue was rightly considered by the Hon'ble'ble Madras High Court in the case of T.N. Power Finance and Infrastructure Development Corporation Ltd. Vs. JCIT (280 ITR 491) (Mds. HC) wherein it was held that: "Merely because t....
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....artment. Accordingly the grounds raised by the assessee are dismissed and in the result, the assessee appeal dismissed. 7. Now coming to the Revenue appeal in ground Nos.1 & 2 as referred above, these grounds have become infructuous as we held in the assessee's appeal that interest income on non performing asset are to be brought to tax. Accordingly, the first two grounds raised by the revenue ar....