2024 (9) TMI 419

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....p Singh (Addl. CIT) (V.C) ORDER PER: NARINDER KUMAR, J.M. The appellant is a partnership firm. By way of this appeal, it has challenged order dated 15.02.2024 passed by Learned CIT(A)/NFAC, Delhi. The impugned order pertains to the A.Y 2017-18, whereby Learned CIT(A) partly allowed the appeal filed by the assessee-appellant, while challenging assessment order dated 16.12.2019 passed by....

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....oned two additions have been deleted by ld. CIT(A). 3. As regards the 3rd addition i.e. interest on income tax refund, as observed by Assessing Officer the assessee firm had received total interest u/s 244A on the amount refund, but shown total interest of Rs. 4,88,959/- under the said provision; that the assessee did not report his income to the tune of Rs. 10,77,661/-. Accordingly, an addi....

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....ome on refund. As per impugned order, such income by interest on refund is actual income other sources, and not a part of business income of the assessee firm. 8. While challenging the above-said finding, ld. AR for the appellant has contended that ld. CIT(A) erred in confirming the addition of a sum of Rs. 4,88,959/-, as said addition made by the Assessing Officer is contrary to the provisions....

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....olumn "other income", so far as Profit and Loss Account for the Financial Year 2016-17 is concerned. Learned DR for the department does not dispute this fact. No doubt, when interest is paid on the income tax refund amount, same is required to be reported under the head 'income from other sources.' Here, interest was admittedly allowed u/s 244A of the Act and the assessee firm somehow treate....