Case Law Details

Case Name : CIT Vs J. M. Joshi (Bombay High Court)
Appeal Number : ITA No. 639/2008
Date of Judgement/Order : 26/06/2015
Related Assessment Year :
Courts : All High Courts (4674) Bombay High Court (868)

Issue before court:

  • Whether tribunal was right in allowing appeal of the assessee holding that the interest income earned by the assessee on fixed deposits with the bank and other interest income are eligible for deduction u/s 80IA.

Brief facts:

  • Assessee claimed deduction u/s 80 IA on the interest accrued on the fixed deposit in the bank.
  • AO denied the same and added to the income of the assessee.
  • ITAT allowed this issue in favour of the assessee.

Contention of the revenue:

  • Revenue relied upon the decision of Bombay high Court in CIT Vs Dresser Rand India Pvt. Ltd. [2011] 11 Taxmann 281 and CIT Vs. Vidhyut Corporation 324 ITR 221– wherein court have held that interest on deposits etc would not allowable deduction under section 80 IB.

Contention of the assessee:

  • Assessee contended that the issue was covered by assessee’s own case decision in CIT v/s. Jagdishprasad M. Joshi 318 ITR 420.

Held by the court:

  • Both the decision of relied upon by revenue are rendered without taking into consideration the decision of this court in Jagdish Prasad M. Joshi (Supra).
  • That the question stands concluded in assessee’s own case for earlier AYs.


In this case assessee relied upon the decision of its own case in earlier years where ITAT as well as HC have already examined this issue.

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