2022 (9) TMI 1556

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....rithu Dudheria, Adv. For the Respondent : Mr. Abhratosh Majumdar, Sr. Adv., Mr. Siddhartha Das, Adv. And Ms. Swapna Das, Adv. ORDER The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, is directed against the order dated 26th February, 2020 passed by the Income Tax Appellate Tribunal, "A" Bench, Kolkata (the Tribunal) in ITA No.1071/Kol/2018 and ITA No.10....

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....contravention to Section 80IA involving the meaning of "Profit derived from business" was erroneously allowed by the Assessing Officer, causing prejudice to the Revenue ?" We have heard Mr. Prithu Dudheria, learned standing counsel for the appellant and Mr. Abhratosh Majumdar, learned senior counsel assisted by Mr. Siddhartha Das and Ms. Swapna Das, learned Advocates for the respondent/assessee....

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....e assessee has used its fixed deposits for taking overdraft facilities without encashing the fixed deposits and the interest on the overdraft has a direct nexus with interest accruing in the fixed deposit and, therefore, the interest on the overdraft has been adjusted with the fixed deposit interest and the net interest income has been shown as other income. The learned tribunal has noted that the....