2016 (7) TMI 697

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....)-38, Mumbai, the Assessing Officer (AO)has filed the present appeal. Assessee-company, engaged in the business of manufactur - ing of TW carbon, filed its return of income on 29/09/2008, declaring total income at Rs. 2. 18 lakhs. The AO completed the assessment, under section 143 (3) of the Act, on 31/12/ 2010, determining the income of the assessee at Rs. 30, 22, 378/-. 2. The solitary ground o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1. 2 lakhs on ICD in schedule fee of the balance sheet, that income accrued on ICD of Rs. 25. 22 lakhs had not been made part of it. Relying upon the decisions of Tamil Nadu Small Industries Development Corporation(242 ITR 122), State Bank of Travancore (158 ITR 102) and Kerala Financial Corporation(210ITR129), he held that interest amount of Rs. 25. 22 lakhs, accrued on ICD, had to be added to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....w. s. 153(3) of the Act for the AY. 2001-02 to 2007-08 the AO had once again made the similar additions, that the FAA following the orders of the Tribunal for the AY. s 1997-98 and other two assessment years deleted the addition, that the appeal filed by the department was dismissed by the Tribunal, that on 8. 12. 2011 the Hon'ble Bombay High Court had dismissed the appeal filed u/s. 260A agai....