2013 (1) TMI 1005

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....s an appeal filed by the assessee against the order dated 21.03.2012 passed by the ld. CIT(A)-II, Agra for the Assessment Year 2008-09.     2. None was present on behalf of the assessee.  However, written submission has been filed.   3. After hearing the ld. Departmental Representative, I proceed to decide the appeal on merit after considering the Written Submissions....

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....ax Act, 1961 for which the assessee did not object to the action of the A.O.  The A.O. has applied 8% N.P. rate and accordingly calculated Rs. 1,48,477/- on total    income from contract business of Rs. 1,08,83,640/-.  The A.O. added interest income of Rs. 3,37,886/-.     5. The CIT(A) has relied upon the judgment of Hon'ble Madras High Court in the case ....

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.... income and hence it should not be added separately.  The CIT(A) did not consider the Written Submission filed on 16.03.2012.  The assessee, along with the Written Submission, has filed a copy of order of I.T.A.T., Agra Bench in assessee's own case for A.Y. 2007-08 wherein the interest income was accepted as business income and separate addition of interest income was deleted. &nbsp....

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....Tribunal in the earlier year confirmed the application of profit rate of 8%, but deleted the separate addition on account of interest income. Following the order of the Tribunal in earlier assessment year, we confirm the orders of the authorities below in applying the profit rate of 8%. However, the interest income of Rs. 78,200/- should not be added separately. The orders of the authorities below....