2006 (11) TMI 142

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....ies Registration Act. A certain piece of land was allotted to the IHC for construction of a superstructure in which superstructure, the assessee was entitled to secure a proportionate covered area. The cost of construction of the superstructure was to be contributed by all the member institutions of the IHC on a no profit no loss basis. It is common ground that the assessee had originally applied....

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....e Commissioner held that the amount indicated above had been unilaterally credited as interest by the assessee without the IHC accepting any such claim. The Commissioner was of the view, that since the claim made by the assessee had been rejected and the entry had since been reversed in the assessee's account for the financial year 1995-96, no interest had actually accrued which could be brought t....

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....2004] 140 Taxman-ITAT 191 lays down that no asseSsment can be made on the basis of a mere concession by the assessee. The entry made in the books of account by the assessee in the present case is an unilateral act. It cannot give rise to any accrual of interest income. It is clear that later on both the parties have agreed that no interest is payable. The Commissioner of Income-tax (Appeals) has r....