DCIT, Circle-4(1), Kolkata Vs. M/s James Waren Tea Limited

Parties Involved

Facts Summary

The appeal was filed by the revenue against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi for the Assessment Year 2014-15. The assessee submitted that the appeal was filed against the deletion of addition of interest income treated by the Assessing Officer as income from other sources. The issue raised in ground no. 3 was against the deletion of addition of interest income of Rs. 2,64,69,688/- treated by the AO as income from other sources. The Ld. A.R submitted that the said addition was tax free as the assessee has shown income from business whereas the AO has treated the same as income under head other sources. Therefore, even on the stage of AO, the tax effect was zero. The Ld. CIT(A) in the appellate proceedings has restored the issue, the direction as given by the assessee to said income by treating the said income as income from business.…

Legal Issues

• 1. Deletion of addition of interest income treated by the AO as income from other sources.
• 2. Delay of 1326 days due to non-availability of assessment record.
• 3. Deletion of addition of Rs. 24,73,575/-.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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