Angalakshmi Spinning Mill Vs. The Income Tax Officer, Non Corporate Ward-4(1), Coimbatore
Case No: ITA No.2260/Chny/2025
Court: Income Tax Appellate Tribunal ‘A’ Bench: Chennai
Date: 1/7/2026
Parties Involved
appellantAngalakshmi Spinning Mill
respondentThe Income Tax Officer, Non Corporate Ward-4(1), Coimbatore
Facts Summary
The assessee, Angalakshmi Spinning Mill, a partnership firm, filed the return of income for A.Y 2018-19 declaring total income at Nil after claiming deduction under Chapter-VIA to the tune of Rs. 2,49,74,166. The case was selected for scrutiny, and the statutory notices were served on the assessee. The Assessing Officer (AO) noticed that during the year under consideration, the assessee has earned interest income to the tune of Rs. 14,32,945/- and called on the assessee to show cause why the ded…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the notice issued u/s 143(2) and the consequent assessment.
- 2. Whether the assessee claimed the interest income as business income and claimed deduction u/s 80IA.
2 more legal issues analysed in this judgement.
Precedents Relied Upon
3 precedents cited in this judgement.