2017 (8) TMI 1690

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sessment Year (AY) 2012-13, on the grounds: i. The CIT(A) has erred in directing the AO to tax the whole interest income received by the appellant from Fixed Deposit of nationalized banks of Rs.19,54,732/- under the head income from other sources u/s.56 of the Income Tax Act, 1961 by not granting deduction u/s.80P of the Act. ii. Without prejudice to the above, it is submitted that even if such interest income of Rs.19,54,732/- is taxable u/s.56 of the Act, then expenditure incurred for earning such income must be allowed u/s. 57 of the Act and Pro-rata Interest income received from fixed deposit with nationalized banks only can be taxed. It is submitted that the same be allowed now. 2. The relevant facts as culled out ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me of Rs.19,54,732/- should not be taxed u/s.56 of the IT Act as "income from other sources". The contention of the assessee to allow proportionate expenses was not entertained by CIT(A) on similar issue in assessee's own case for A.Y. 2007-08. The AR of the assessee has been confronted on this issue but no written submission regarding objections was filed by the assessee. 2.4 Accordingly, addition of Rs.19,54,732/- was made. 3. Against the said order assessee preferred first statutory appeal before the learned CIT(A), who partly allowed the appeal of the assessee. 4. Now appellant's appeal is before us. 5. So far interest income received by the appellant from Fixed Deposit of nationalized banks of Rs.19,54,732/- under the head ....