2024 (1) TMI 72

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.... Sr Standing Counsel. For the Respondent Through: Nemo. RAJIV SHAKDHER, J.: (ORAL) 1. This appeal concerns Assessment Year 2009-10. 2. Via the instant appeal, the appellant/revenue seeks to assail the order dated 18.08.2021 passed by the Income Tax Appellate Tribunal [in short, "Tribunal"]. 3. A perusal of the appeal shows that the following questions of law are proposed for conside....

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....nnot but accept that they are covered against the appellant/revenue by virtue of the decision rendered by the coordinate Bench in the matter of Joint Investments (P) Ltd. vs. Commissioner of Income Tax 59 Taxmann.com 295. 5. The record shows that the exempt income earned by the respondent/assessee in the period in issue was Rs. 37,93,374/-. 6. The Assessing Officer (AO), however, disallowed ....

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..... For convenience, the same is extracted hereafter: "14. It is an undisputed fact that the assessee has parked its surplus funds in fixed deposits of the bank from which it earned interest income of Rs. 1,12,72,374/-. At the same time, we find that the assessee has also paid interest to the bank. In our considered opinion, interest earned has to be netted off with interest expenditure. We....