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2017 (9) TMI 824
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.... : Manish Misra For the Respondent : Namit Sharma ORDER 1. Heard Sri Manish Misra, learned counsel for appellant and Sri Namit Sharma, learned counsel for respondent. 2. Both these appeals have been filed by Principal Commissioner of Income Tax (hereinafter referred to as "Revenue") assailing judgment and order dated 26.02.2016 passed by Income Tax Appellate Tribunal (hereinafter refer....
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....Ltd. vs. Commissioner of Income Tax [1997] 227 ITR (SC) and Commissioner of Income Tax vs. Indo Gulf Fertilizers and Chemical Corporation Ltd. [2006] 280 ITR 261(AII)". "Whether the Income Tax Appellate Tribunal is justified in holding beyond the statutory provision of Sec. 56(2) of the Income Tax Act that income by way of interest on securities is taxable even if not arises from the profits an....
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....s it was liable to be treated to reduce investment cost but Assessing Officer (hereinafter referred to as "A.O".) treating the same as "income from other sources" passed assessment order completing assessment by adding aforesaid income from interest as "income from other sources", taxable under Section 56 of Act, 1961. This order, in appeal was confirmed by Commissioner of Income Tax (Appeals) (he....