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3 orders · Page 1 of 1
The Tribunal dismissed the assessee's appeal as the assessee showed no inclination to prosecute its appeal and failed to provide any rebuttal to the orders of the AO and CIT(A).
The Tribunal found that the CIT(A) had passed a non-speaking ex parte order without proper reasoning. Therefore, the matter was remitted back to the CIT(A) for a fresh decision after providing the assessee with a reasonable opportunity of being heard.
The Tribunal held that interest income earned from investments in banks is not deductible under Section 80P(2)(a)(i). However, expenses incurred in earning such income should be allowed.