M/S. BHOLASONS ENTERPRISES,NEW DELHI vs. ACIT, NEW DELHI

The only issue raised in this appeal is against not allowing deduction u/s 10B in respect of interest of Rs.39,37,596/- assessed as ‘Income from other sources’ against the claim of the assessee, being, the same from business.

We have heard the rival submissions and perused the material on record. It is observed that similar issue came up for consideration before the Tribunal in the assessee’s own case for the immediately preceding assessment year, namely, 2007-08. Vide order dated 29.10.2010 in the Tribunal for the A.Y. 2007-08 ( sic 2006-07) has remitted the matter to the file of AO for fresh decision in the light of certain directions given in para 7 of its order. Similar view has been repeated by the Tribunal in the assessee’s own case for the assessment year 2008-09 vide order dated 21.7.2016, whose copy has been placed on record by the ld. AR. Since the facts and circumstances of the instant case are mutatis mutandis similar to those of the earlier years, respectfully following the precedent, we set aside the impugned order and send the matter back to the file of the AO for a fresh decision in conformity with the directions given by the Tribunal in its earlier orders.

In the result, the appeal is allowed for statistical purposes.