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If interest received on accrual basis the addition qua this year interest can be made in this year and not of entire interest
Case Law Details
- Case Name
- Sri Suman Bose Vs Income-tax Officer (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001-02
- Courts
- All ITAT, ITAT Kolkata
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Sri Suman Bose Vs ITO (ITAT Kolkata) – Assessee has purchased fixed deposit from ITC Classic Finance Ltd. On 27.06.1995 vide receipt no. 02/199506/53666C/53667C/53702C at Rs.12,600/- (i.e.4200×3) and these were matured in June, 2000 amounting to Rs.24,000/-. According to Assessing Officer, this was not declared in accounts of assessee. Hence, he considered this as income from undisclosed sources. The CIT(A) also confirmed the action of Assessing Officer. I find that prima facie this addition cannot be sustained reason being the assessee has purchased these fixed deposits on 27.6.1...
