Case Law Details
Quippo Telecom Infrastructure Pvt. Ltd Vs ACIT (ITAT Delhi)
Ground number five of the appeal of treating the interest income from fixed deposit receipts of Rs. 2982000/- as income from other sources, we also do not find any infirmity in the order of the lower authorities as assessee has merely placed fixed deposits with the banks and it has not been shown that how the earning of the bank‟s deposit receipt interest can be said to be interest income chargeable to tax under the head business income. Thus, ground number five of the appeal is also dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
1. These are two appeals filed by the assessee for the same assessment year. First one in ITA No 2006/Del/2017 against the order of the ld CIT(A) -7, New Delhi dated 20.01.2017 for the Assessment Year 2010-11 wherein dismissing the appeal of the assessee against various disallowances/additions made by the learned The Deputy Commissioner Of Income Tax, Circle – 14 (1), New Delhi are confirmed. Second in ITA No 2191/DEL/2017 against the order of the learned Commissioner Of Income Tax Appeals – 7, New Delhi dated 25/1/2017 wherein the penalty levied u/s 271(1) (c) of the Act by the ld AO of ₹ 1250000000/– is confirmed.
2. The assessee has raised following grounds of appeal in ITA No. 2006/Del/2017 for the Assessment Year 2010-11 against the order of the CIT – A [7] , New Delhi dated 20/1/2017 wherein the assessee preferred an appeal against the order of The Deputy Commissioner of Income tax , Circle 14 (1) , New Delhi [ The learned assessing officer/ AO] passed under section 143 (3) of The Income Tax Act 1961 [ The Act] on 15 March 2013 wherein the returned loss of assessee of Rs. 2258653756/– as per return dated 8/10/2010 was assessed at Rs. 2054110/–:-
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