2024 (7) TMI 1654

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....apathy, CA For the Revenue : Ms. Neha Sahay, JCIT-DR ORDER PER: PRAKASH CHAND YADAV, J.M. This appeal filed by the assessee challenges the DIN & order No. ITBA/NFAC/S/2003-24/1061393066(1) of the National Faceless Appeal Centre, Delhi (CIT(A)) dated 23.02.2024 passed under Section 250 of the Income Tax Act, 1961 (the Act) in respect of Assessment Year (AY) 2017-18. 2. The brief fact....

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....rs Co-operative Sale Society [2017] 395 ITR 611 (Kar). The Ld AO has finally assessed the interest income as income from other sources without providing deduction of corresponding expenses. The AO also disallowed certain provisions made by the assessee on the ground that the same are not ascertained liabilities and hence not allowable. 3. Aggrieved with the order of the AO the assessee filed ap....

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.... and Jute Corporation 187 ITR 688(SC) 6. The Ld AR mainly challenged that the ld. CIT(A) as well as the ld. AO on two counts. a) In case interest income to be taxed under the head income from other sources the deduction of expenses to be allowed and remaining profits should be considered for deduction of 80(P)(2)(a)(i). b) The disallowance made by the AO on account of provisio....

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....o be taxed under the head income from other sources then expenses attributable to earning of such income is to be allowed the profits arrived after such allowance would be going to increase the deduction of 80P(2)(a)(i). Our view is fortified by various decisions of Coordinate Benches of the Tribunal, wherein the Coordinate Benches have consistently followed this view, relying on the judgement of ....