INCOME TAX OFFICER, WARD - 2 (1),, VARANASI vs. PROMINENT DATAMATICS MARKETING PVT. LTD., , VARANASI

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

27. With a slight digression from the main issue, we may note that the Assessee as well as the Revenue are on the same page in these appeals, taking the view that the decision of the High Court of Delhi in Sahara is not correctly decided. They may be right. However, as there was no serious contest

M/S RAJENDRA PRASAD SRIVASTAVA,AZAMGARH vs. ACIT, RANGE - AZAMGARH, AZAMGARH

In the result, the appeal of the assessee is dismissed

Bench: Shri.Vijay Pal Rao & Shri Ramit Kocharassessment Year: 2013-14 M/S Rajendra Prasad Srivastava, Vs. Asstt. Commissioner Of Income Sarfuddinpur, Near Railway Tax, Range-Azamgarh Station, Azamgarh-276001 Pan-Aakfr2986A (Appellant) (Respondent) Appellant By: Sh.Hari N. Singh Bisen, C.A. Respondent By: Sh. A.K. Singh, Sr. Dr Date Of Hearing: 11.01.2023 Date Of Pronouncement: 07.02.2023

27 February, 2001, Hon'ble Supreme Court of India observed that gross interest received on fixed deposit is income in nature and taxable. Thus, the amount of Rs. 24,03,763/- is included in net profit as income from other sources u/s 56 of Income Tax Act 1951, Penalty proceeding u/s 271(1) (c) is initiated separately for furnishing inaccurate