2019 (8) TMI 1406

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.... The appeal filed by Revenue is against order of CIT(A)-4, Pune, dated 27.02.2017 relating to assessment year 2013-14 against order passed under section 143(3) of the Income-tax Act, 1961 (in short 'the Act'). 2. The Revenue has raised the following grounds of appeal:- 1. On the fact and in circumstances of the case and in law, the CIT(A) has erred in deleting the addition of Rs. 2,69,663/-....

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....ssessment year 2011-12. 4. On perusal of record, we find that the first issue raised by Revenue is against deletion of addition made on account of broken period interest. Similar issue arose before the Tribunal in assessee's own case for assessment year 2010-11 in ITA No.1725/PN/2014, order dated 18.05.2016 and for assessment year 2011-12 in ITA No.491/PUN/2015 order dated 17.05.2017. The Tribun....

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....e Hon'ble High Court of Rajasthan in CIT Vs. Bank of Rajasthan Ltd. (supra) and had held that broken period interest is allowable as deduction. Following the same parity of reasoning, we hold that the assessee is entitled to the claim of broken period interest of Rs. 16,97,027/-. The ground of appeal No.1 raised by the assessee is thus, allowed." 5. Following the same parity of reasoning, we hol....

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....alary, and on the same, TDS was also deducted. However, the Assessing Officer disallowed the said expenses in view of section 35DDA of the Act and also held that they were not allowed as deduction under section 37(1) of the Act. The CIT(A) allowed the claim of assessee following the order of Tribunal in the case of another bank. 8. We find that this issue also arose before the Tribunal in assess....