2013 (9) TMI 1132

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....epartment. In this appeal under Section 260A of the Income Tax Act, 1961 against the judgment and order dated 29.4.2013 passed by the Income Tax Appellate Tribunal in ITA No.128/Alld/2012 for the assessment year 2009-10, following question of law has been raised for consideration of the Court:- "Whether the ITAT has erred in law and on facts in confirming the order of the CIT (A) in deleting the....

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....over and profit in the assessment year under appeal as compared to the earlier years. Therefore, the Assessing Officer has applied the profit rate of 8%. The assessee claimed deduction before the ld. CIT(A) by relying upon the decision in the case of Brij Bhushan Lal Pradumn Kumar (supra) and Gupta Construction Co. (supra). The Assessing Officer has already allowed deduction on account of interest....

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.... out of interest. Since it was a negative figure of interest, therefore, it was considered not to be added to the income of the assessee. On considering of the above facts, particularly when no opportunity has been given by the Assessing Officer before making this addition, the ld. CIT(A) was justified in deleting the addition on account of interest. The ld. CIT(A) has passed the speaking order on....