In case of investment accrued interest is liable to taxed and in case of addition by AO the addition cannot be made on estimate basis
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
As regards first issue, Assessing Officer made addition of Rs.2,20,000 on account of accrued interest by IVP’s. The Assessing Officer has held that investment in the asset was the income of the assessee and therefore, interest income accrued thereon was income. In order to arrive at such conclusion on the basis of the facts that in the statement of affairs of the assessee on 31.3.2004, the assessee has shown IVPs as his asset forming the part of the assessee’s investment
Citation :
Shri Rajesh Goyal, 39A, Ring Road, Lajpat Nagar,New Delhi.(PAN/GIR No.AANPG2548J) (Appellant) Vs. ITO, Ward 12(2),New Delhi.` (Respondent)
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Ayush
Published in Income Tax
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