2023 (1) TMI 1322

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....4(1) OF INCOME TAX ACT PER: PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the revenue is directed against the order of National Faceless Appeal Centre, Delhi (in short, the NFAC)/learned Commissioner of Income Tax (Appeals) (in short, the ld. CIT(A) dated 11/05/2022 for the Assessment year (AY) 2014-15. The revenue has raised following grounds of appeal: "(i) On the facts and in t....

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.... (iii) On the facts and in the circumstances of the case and in Law, Ld. CIT(A) has erred in not appreciating the fact that such interest income on its surplus and idle funds not immediately required for its business, is not income from business taxable U/s 28 of the Act but taxable as income from others sources U/s 56 of the Act, whereas for availing the exemption or 100% deduction U/s 80....

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....rchant Sahkari Sarafi mandali Ltd for A.Y 2015-16 in R/SCA No. 20585 of 2019. (v) It is therefore, prayed that the order of the Ld. CIT(A) may be set aside and that of assessing officer may be restored to the above extent. (vi) The appellant craves leave to add, alter, amend and/or withdraw any ground(s) of appeal either before or during the course of hearing of the appeal."....

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....tion made in assessment order has become void ab initio. The ld. CIT(A) deleted the addition by following the order of Tribunal dated 23/08/2021 in ITA 718/Srt/2018. The ld. AR submits that he has already placed on record copy of decision of Tribunal in ITA No.  718/Srt/2018 (supra). 3. On the other hand, the learned Senior Departmental Representative (ld. Sr. DR) for the revenue submits t....