2025 (2) TMI 1515

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....or A.Y. 2017-18. 2. The assessee has taken the following grounds of appeal:- "1. That on the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of Assessing Officer (CPC) in making addition of Rs. 59,08,339/- received from AOP M/s. Neptune Associates and other interest of Rs. 2,43,465/- totaling Rs. 61,51,804 under the head income from other sources. In fact, the interest received from AOP M/s. Neptune Associates of Rs. 59,08,339/- has already been disallowed and added back in total income u/s. 40(b) of the Income Tax Act in the Return of AOP M/s. Neptune Associates and interest income of Rs. 2,43,465/- has already been o....

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....nce the interest expense of Rs. 59,08,339/- had been disallowed in the hands of the AOP i.e. M/s. Neptune Associates while filing return of income by such AOP, under Section 40(b) of the Act, there was no question of offering such interest income in the hands of the assessee, since this would amount to double taxation. On receipt of notice dated 03.05.2018, the assessee filed revised return of income on 26.05.2018, including interest income of Rs. 59,08,339/- received from M/s. Neptune Associates and also interest income of Rs. 2,43,465/- received from HDFC Bank, under the head "income from other sources". Since interest of Rs. 59,08,339/- received from M/s. Neptune Associates had already been disallowed and added back to the total income u....

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.... interest income made originally vide intimation u/s. 143(1) cannot be challenged by the appellant through the present appeal against order u/s. 154. 4.12. Reliance is placed on the decision of the Hon'ble IT AT, A Bench, Bangalore in ITA No.49/Ban/2021 in the case of M/s. Navodaya Education Trust, wherein it was held that assessee cannot use proceeding u/s.154 to file appeal against order passed u/s. 143(1) of the Act. 4.13 In view of the above facts and discussions, Ground No.1 and 2 raised by the appellant are dismissed. 5. In the result, the appeal is "Dismissed"." 5. The assessee is in appeal before us against the aforesaid order passed by the Ld. CIT(A) confirming the additions made CPC, Bangalore. ....