2013 (8) TMI 1019

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... JM: These appeals filed by the assessee are directed against the orders of the Ld.CIT(A) 22, Mumbai all dated 29.09.2011 for the Assessment Years 2003-04, 2004-05, 2005-06 & 2006-07. All these appeals are disposed by way of this common order. 2. The only issue raised in the grounds of all these appeals relate to the addition of interest amounting to Rs. 6,68,233/-, 7,48,222/-, 8,38,234/- & 9,3....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... consideration on notional basis as the assessee had been following mercantile system of accounting and since the assessee had earlier offered income from interest on accrual basis for the assessment years 2001-02 and 2002-03. On appeal, the Ld.CIT(A) confirmed the action of the AO. Aggrieved by the impugned orders, the assessee has filed these appeals before us. 4. Before us, the Ld. AR has reit....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Hon'ble Supreme Court in the case of State Bank of Travancore Vs. CIT 158 ITR 102. On the other hand, the Ld. DR has relied on the orders of the AO and the Ld.CIT(A) in support of the Revenue's case. 5. We have heard both the parties and perused the material on record. It is not disputed that the assessee has been continuously following the mercantile system of accounting and the assessee has....