we follow receipt basis of accounting on interest on FDR instedad of accural basis of accounting, and regularly followed as per section 145, at the time of assessment assessing officer added interest on accural basis in total income, treated as seperate income in the head of other source and raise demand u/s 271 (1) (c) concealment panelty.
Advice on points.
1. If we paid panelty as per order on accural basis, what about the tax amount which were paid on interest income in next year on received basis, is it double taxaton, what is procecure for refund the same, revise return not possible.
2. advice for ground of appeal to ITAT Appeal
waiting for reply
CAclubindia
