2022 (1) TMI 96

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2017 passed by the Income Tax Appellate Tribunal, Kolkata "A" Bench (the 'Tribunal' in short) in ITA No.284/Kol/2014 for the assessment year 2009-10. The revenue has raised the following substantial questions of law for consideration: "(a) Whether on the facts and in the circumstances of the case and under the law, the Learned Tribunal was justified in law in upholding the decision of the CIT(A) and reversing the decision of the assessing officer whereby the Learned Tribunal allowed deduction in full the assessee's claim of the entire income from the interest from fixed deposits made out of accumulated profits and reserves as income derived from the industrial undertaking for deduction, which the assessee claimed as ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the assessing officer. The assessee being aggrieved carried the matter in appeal to the Commissioner of Income Tax (Appeals)-XIX, Kolkata (CIT(A)). The CIT(A) by the order dated 12th December, 2013 allowed the appeal. Aggrieved by the same, the revenue preferred appeal to the tribunal which was dismissed by the impugned order. We have elaborately heard learned counsel for the parties and carefully perused the materials placed on record. We find that the order passed by the CIT(A) is sustainable both in law as well as on facts. The CIT(A) rightly construed the factual position and held that the interest earned by the assessee accrued from fixed deposits which were made out of business income of the assessee. Apart from that the assessee ....