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Facts
The assessee declared interest income of Rs. 13,80,000/- from FDRs as income from other sources due to a technical glitch. The assessee sought to treat this as an application of income for claiming exemption under Section 11.
Held
The Tribunal held that since the assessee itself declared the income from other sources, it cannot later claim it as an application of income for Section 11 exemption. The findings of the lower authorities were upheld.
Key Issues
Whether interest income declared as income from other sources can be treated as application of income for claiming exemption under Section 11 of the Income-tax Act, 1961.
Sections Cited
143(3), 11
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Income Tax Appellate Tribunal, DELHI BENCH: “SMC” NEW DELHI
Before: SHRI SATBEER SINGH GODARA
Date of hearing 22.07.2025 Date of pronouncement 22.07.2025 ORDER This assessee’s appeal for assessment year 2017-18 arises against the Commissioner of Income Tax (Appeals)/Addl./JCIT(A)- 2, Mumbai’s DIN and order no. ITBA/APL/S/250/2024- 25/1070103335(1), dated 05.11.2024, involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’). Heard both the parties. Case file perused.
It emerges during the course of hearing that the sole substantive issue which arises between the parties herein is that