2024 (9) TMI 419

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....: 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 the Assessing Officer. 2. By way of said as....

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....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 addition of Rs. 15,66,620/- was made by the Assessing Officer by observing that the interest on amount of refund was to be treated as income fr....

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....sessee 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 of law. Therefore, it has been urged that the impugned order upholding the addition as regards the income by way of interest on refund, deserves to ....

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....act. 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 treated and depicted the said amount as business income, instead of income from other source, but there cannot be said to be any loss to the exchequer, particularly,....