2025 (9) TMI 1128

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....in the proceedings under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. The appeal was earlier heard and adjudicated vide order dated 27.03.2025. The assessee had filed a Miscellaneous Application No.54/Ahd/2025 (In ITA No.1765/Ahd/2024) which was decided on 12.08.2025 whereby the order dated 27.03.2025 was recalled for the reason that ground no.1 taken by the assessee in the appeal was mistakenly recorded as general in nature and dismissed. It was also ordered that the subsequent grounds are on the basis of ground no.1 and those grounds also require verification. 3. The brief facts of the case are that the assessee had filed its return of income for the A.Y. 2020-21 on 29.12.2020 declaring total....

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....) ought to have granted the benefit of set off under S.70 or 71 of the Act. 5. Learned CIT(A) has erred in law and on the facts in confirming the action of AO in charging interest u/s. 234A/B/C/D. 6. Learned CIT(A) has erred in law and on the facts in confirming the action of AO in initiating penalty u/s. 270A of the Act which is wholly unsustainable in law and on facts of the case." 6. Shri Mohit Balani, Ld. AR of the assessee explained that the assessee had earned interest of Rs. 45,31,057/- on FDRs and the expenses incurred for earning income being 76.46% amounting to Rs. 34,72,602/- was claimed as deduction. The balance amount of Rs. 10,58,455/- was considered as income from other sources which was claimed as deduct....